The Indian rupee slipped past the key psychological level of 90 per USD, hitting a fresh all-time low as uncertainty over a pending trade deal with the US continued to weigh on the currency. India remains one of the few major economies without a trade pact with the US, though officials are optimistic about finalizing an agreement soon. The prolonged delay has contributed to the rupee’s 5% decline this year, its sharpest annual fall since 2022, making it among Asia’s weakest performers, as steep US tariffs of up to 50% on Indian goods hurt exports to its largest market and dampen foreign investor appetite for Indian equities. A robust Q3 GDP did little to lift the currency and a widening current account deficit added further pressure. Attention now turns to the Reserve Bank of India’s policy meeting on December 5. The rupee’s sustained weakness and a strong GDP print have reduced hopes of a rate cut, despite earlier comments from RBI Governor Malhotra highlighting record-low inflation.