New Delhi

The Indian Rupee hit a fresh all-time low on Tuesday, sliding to 89.874 against the US dollar and inching closer to the psychological 90 mark, amid continued strength in the greenback and uncertainty over the first tranche of the India–US Bilateral Trade Agreement (BTA).

The domestic currency has weakened more than 4% so far in 2025, including 0.8% in November alone, according to market data.

Analysts attributed the decline to record trade deficits in October, higher import-driven demand for dollars and the delay in the India–US trade deal.
“Record trade deficits and delay in the U.S.–India trade deal pushed the rupee lower,” brokerage Prithvi Finmart said.

However, the brokerage noted that strong GDP numbers and profit-taking in the dollar index could provide support at lower levels. It expects high volatility this week, projecting a trading range of 88.5500–90.6000.

Economist Aditi Gupta of Bank of Baroda said the currency remained under pressure despite a favourable GDP print, as the November depreciation was “more pronounced even though the dollar weakened globally” due to low foreign inflows and elevated imports. The bank forecasts the rupee to trade with a depreciating bias in the near term, with the US–India trade deal remaining a decisive trigger.

In contrast, a recent Union Bank of India report said the rupee is unlikely to see significant additional weakness soon. “Given that the rupee has already weakened by roughly 4 per cent this year, we do not expect significant further depreciation in the near term,” it noted.

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Meanwhile, precious metals continued their rally, with both gold and silver hitting fresh record highs before seeing mild profit booking on Tuesday.

Silver futures topped ₹1,80,000 per kg

Gold on MCX crossed ₹1,30,000 per 10 grams