In Samvat 2081, the rupee remained under pressure because of global headwinds like the US government’s tariff pressure and geopolitical tensions. As a result, it fell by 4.62% – the highest in three years and the third highest in the last decade.

It would have done worse had the Reserve Bank of India (RBI) not aggressively stepped in last week to stop the slide. The $5-billion intervention on a single day helped arrest the depreciation, which had gone up to 5.6% when the rupee hit a lifetime low of 88.80. The rupee finally closed at 87.97, down 4.6% for Samvat 2081.

Under governor Sanjay Malhotra, the RBI was quite happy for the large part of the year to let the currency find its own levels, and help exporters, especially after tariffs were imposed. But last week, the RBI intervened

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