Overview
- The currency rose about 49 paise to roughly 89.17 in early Monday trade after banks sold dollars and the RBI was seen intervening, helped by slightly cheaper Brent.
- Friday’s session saw a 98‑paise slide to a record close near 89.66, the steepest one‑day drop in more than three years on heavy dollar demand and equity selloffs.
- Analysts say the rupee remains biased toward the 90 mark unless a clear catalyst emerges, with several pointing to a potential US‑India trade agreement as the key swing factor.
- RBI officials stress they do not target a specific level and cite strong buffers, with foreign‑exchange reserves up $5.54 billion to $692.58 billion in the week ended Nov 14.
- Underlying pressures include a record October merchandise deficit near $41.7 billion, an 11.8% export drop, FII equity outflows, and US tariffs that limit short‑term relief for many exporters.