The rupee slipped past 90.6 per USD, hitting a fresh all-time low, pressured by the absence of a trade deal with the US amid prolonged negotiations and continuous withdrawal of foreign funds. The currency has slid over 5% this year, making it the worst performer in Asia, as steep US tariffs weighed on exports. Ongoing talks remain central to the outlook, with Prime Minister Narendra Modi speaking with President Donald Trump this week, as New Delhi seeks relief from up to 50% US tariffs on some Indian goods. Meanwhile, India’s consumer price inflation accelerated to 0.71% in November, from October’s record low of 0.25% and broadly matching the market consensus of 0.7%. Despite the uptick, inflation remained below the Reserve Bank of India’s lower tolerance threshold of 2% for the third straight month, leaving scope for further interest rate cuts in 2026. The central bank will get the December reading before its February policy meeting to gauge underlying inflation more clearly.