新年开局不利！印度卢比兑美元跌破90关口

Core Viewpoint - The Indian Rupee has fallen below 90 per US dollar, continuing a downward trend due to persistent dollar demand exceeding central bank intervention efforts [1] Group 1: Currency Performance - The Rupee has depreciated approximately 5% cumulatively in 2025, making it the worst-performing currency in Asia, primarily pressured by high US tariffs and weak investment inflows [1] - The central bank's efforts, represented by state-owned banks selling dollars, have not been sufficient to prevent the Rupee from breaching the 90 mark [1] Group 2: Economic Activity - Economic activity in India showed signs of slowing down in December, with the manufacturing Purchasing Managers' Index (PMI) growth rate hitting a two-year low [1] - Strong underlying demand is driven by foreign banks handling custodial funds and large importers making payments [1] Group 3: Future Outlook - The trajectory of the Rupee in 2026 will largely depend on the progress of potential US-India trade agreements and foreign securities investment activities, which could reshape the dollar fund flows that pressured the currency last year [1]