Explainer: What led to the fall in the rupee in 2025

The Indian rupee depreciated by 6% in 2025, breaching the crucial 90-per-dollar mark as the RBI reduced its dollar-selling interventions. With US tariffs hitting exports and the NDF market fueling speculative pressure, economist Sebastian Morris explains why a widening growth gap and structural trade deficits could see the rupee slide further to 93 in early 2026.