India’s Chief Economic Adviser V. Anantha Nageswaran on Wednesday said the government is not alarmed by the rupee’s sharp depreciation past the ₹90-per-dollar mark, adding that the currency’s weakness has not yet translated into higher inflation or hurt export competitiveness.

Speaking at a CII event, Nageswaran said the rupee’s performance must be viewed against a global backdrop of rising US interest rates, geopolitical strains and tighter financial conditions. “The rupee has been remarkably stable relative to many emerging-market currencies over the last two to three years,” he said, adding that the government expects conditions to improve in 2026.

The rupee has slipped about 5% this year and hit a fresh intra-day low of ₹90.30 on Wednesday, pressured by foreign investor outflows and

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