RBI's $30 Billion Battle: Rupee Continues Slide, Exporters Gain

• RBI reportedly spent $30 billion between June and October 2025 to support the Indian Rupee, which hit a new all-time low.
• Despite the intervention, India's forex reserves declined by $15 billion, from $703 billion in June to $687 billion by December 5.
• A weaker rupee has temporarily boosted profit margins for exporters, with November 2025 data showing a 19% jump in overall exports.
• Exporters, however, fear the benefit is temporary and a US-India trade deal is crucial for a lasting solution to tariffs.
• Foreign portfolio investors sold over $18 billion in Indian equities, adding pressure; SBI Research predicts a rupee rebound only in H2 FY27.

Why It Matters: RBI's $30 billion intervention failed to halt the rupee's slide, offering temporary relief to exporters.