India’s rupee slipped past the psychologically critical Rs 90 per US dollar level on Tuesday, marking one of its fastest declines in recent years. Yet, in a contrarian assessment, SBI Research has argued that the currency’s fall should not be mistaken for weakness, stressing that the rupee remains one of the most stable emerging-market currencies, with volatility far lower than global peers. Advertisement

In its latest Ecowrap report, the country’s largest lender noted that while the rupee has depreciated roughly 5.5% since April 2025, this slide has been driven largely by external shocks, particularly the escalating trade dispute with the United States. The US government’s April announcement of steep import tariffs — a 50% slab specifically on Indian goods, the highest imposed on any As

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