Indian Rupee Near Record Low: What Explains The Rupee's Slide

印度卢比逼近历史低点：卢比贬值原因何在

The Indian rupee is sliding again — now hovering close to ₹89 per U.S. dollar, despite India being the world’s fastest-growing major economy. In May, it became Asia’s worst-performing currency, and since then the pressure has only mounted. What’s driving the fall? Short-term factors include Trump’s tariffs, foreign investor exts, and surging gold imports. But deeper structural challenges are also at play: shrinking exports, weaker remittance flows, and uncertainty in services, which make up over half of India’s GDP. The RBI is intervening to contain the slide, but global trade chaos and U.S. policy swings make recovery harder. Can India’s strong growth numbers shield the rupee — or is more turbulence ahead?

尽管印度是全球增长最快的主要经济体，但印度卢比再度贬值 —— 目前徘徊在 1 美元兑 89 卢比左右的水平。

5 月，卢比成为亚洲表现最差的货币，此后贬值压力只增不减。是什么在推动卢比下跌？短期因素包括特朗普的关税政策、外国投资者撤离以及黄金进口激增。但更深层次的结构性问题也在起作用：出口萎缩、汇款流入减少，以及占印度GDP一半以上的服务业面临不确定性。

印度储备银行正进行干预以遏制卢比贬值，但全球贸易乱象与美国政策波动使复苏难度加大。印度强劲的经济增长数据能否为卢比提供保护？还是说更大的波动仍在前方？

以下是印度网友的评论：

ganeshkhannasubramani1484
India is big market , not big manufacturing hub.

印度是个大市场，但不是世界工厂。

loyal.2.india_not.2.politician
The Indian Rupee has recently dropped to about 88.9 against the US Dollar. In contrast, the Swiss Franc has strengthened by nearly 25–26% against the Dollar since 2014. This shows the impact of Switzerland’s strong monetary policies, financial discipline, and intelligent governance. If India wants to become a true global economic power, it must not only continue its current reforms but also focus on choosing leaders with real knowledge of economics, global finance, and long term national growth.

印度卢比最近已跌至1美元兑约88.9卢比。相比之下，2014年以来瑞士法郎对美元升值了近25%到26%。这体现了瑞士强劲的货币政策、财政纪律和明智治理的影响力。如果印度想成为真正的全球经济大国，不仅要继续推进现有改革，还得重点选择懂经济学、全球金融和国家长期发展的领导人。

Voltaicz
2.india_not.2.politician well it’s Switzerland. Better then basically every country.

毕竟那是瑞士啊，基本上比所有国家都强。

loyal.2.india_not.2.politician
In 2014, people in India thought a chai wala could run the economy better than a person with a PhD in economics. Now, after 10 years, we can see the result. Big speeches but weak economy, more show than real work.

2014年，印度人觉得一个卖茶的能比经济学博士更能管好经济。现在10年过去了，结果有目共睹。口号喊得响亮，经济却不行，光做表面文章，没干实事。

JD-te6vm
Indian market and economy is dependent on the success of other upper hierarchical economies. For instance H1B and UK housing economy interest rates. Any major adjustments here, Indian looses all their wealth & purchasing power over night

印度市场和经济依赖其他高级别经济体的表现。比如美国H1B签证政策、英国房地产经济和利率。这些地方只要有大的调整，印度人的财富和购买力一夜之间就没了。

amitthackrey5152
It is a good news if rupee reaches 100 against dollar our exports will increase many fold.

要是卢比跌到1美元兑100卢比，那可是好消息，我们的出口会翻好几倍。

charmaine8512
You mesn India focusing on manufacturing to export but not for the locals.

你是说印度搞制造业是为了出口，不是为了本国人？

MrRazaq09
No sir. India is not a big market. 1 billion needs ration from Government to survive.

不是的，先生。印度算不上大市场。有10亿人要靠政府的配给才能活下去。

srisatya6563
Indian rupee is falling because Modi and BJP put their value higher than nation. We have foreign minister plays media bytes. P V Narshimha Rao who brought India out of its biggest crisis never gave importance to his image, he put Nation first. But Modi and BJP put election, Ambani and Adani first.

卢比贬值是因为莫迪和人民党把自己的利益看得比国家还重。我们的外长就知道在媒体上刷存在感。当年把印度从最大危机中救出来的拉奥从不重视个人形象，他把国家放在第一位。而莫迪和人民党把选举、安巴尼和阿达尼放在第一位。

Red_Flags_Reactions
Because India doesn’t produce enough stuff that the world needs, so why would people use the Rupee?

因为印度生产不出足够多世界需要的商品，别人凭什么要用卢比？

OnGuard.
Even Russians don't know what to do with their rupees from selling oil to India

就连俄罗斯人都不知道怎么处理卖石油给印度换来的卢比。

masham3455
Masterstroke by modiji

这是莫迪老仙的神操作。

SuperDad1793
Every time the U.S. sneezes, India catches a cold.

美国一打喷嚏，印度就感冒。

have_a_great_life_mate
As a person who is doing Bachelors of Economics in Australia, this is a good thing , this means we can sell our products in the global market for lower prices(competitive advantage). This is a good opportunity, We need to Just Manufacture more now. China went through the same in 1990's. Thats when they established their factory revolution. We have that chance now.

我在澳大利亚读经济学本科，我觉得这是好事。这意味着我们能以更低的价格在全球市场卖产品，会有竞争优势。这是个好机会，我们现在就得多搞制造。中国在90年代也经历过这个阶段，就是那时候掀起了工厂革命。我们现在也有这个机会。

lantherpagdi
@phillipchan6919 absolutely, Modi can't afford to go against the west. China's doors are closed.

没错，莫迪可不敢得罪西方。中国的大门又关着。

phillipchan6919
@lantherpagdi China’s door is not closed. But, Modi is not giving enough commitment to China. Modi is still in anti-China mode. India still in a mode to compete and beat China economically and technically. The U.S. already acknowledges China’s economic and technological position. If India doesn’t want to acknowledge China’s leadership position in Asia, then India needs to work with the U.S.

中国的大门没关。但莫迪对中国不够用心，他还在反华模式里。印度还想着要在经济和技术上和中国竞争、超越中国。美国都已经承认中国的经济和技术地位了。要是印度不愿承认中国在亚洲的领导地位，那它就得和美国合作。

AceAdrian1960
Flawed, lopsided economic policies, irrational and inconsistent foreign policy has taken a severe toll sending Indian rupee crashing down.

印度不均衡的经济政策，以及不合理、前后矛盾的外交政策，造成了严重后果，导致卢比暴跌。

seagull-n1r
So many bright economists, with the potential to win a Nobel Prize, are in the comment section sharing their worldly wisdom for free. India is truly blessed to have so much talent readily available on social media. Unemployment at its peak!

评论区里全是“天才经济学家”，个个都有拿诺贝尔奖的潜力，免费分享他们的“人生智慧”。印度真是太幸运了，社交媒体上到处都是人才。失业率都爆表了！

loyal.2.india_not.2.politician
The Indian Rupee has recently dropped to about 88.2 against the US Dollar. In contrast, the Swiss Franc has strengthened by nearly 25–26% against the Dollar since 2014. This shows the impact of Switzerland’s strong monetary policies, financial discipline, and intelligent governance. If India wants to become a true global economic power, it must not only continue its current reforms but also focus on choosing leaders with real knowledge of economics, global finance, and long term national growth.

印度卢比最近已跌至1美元兑约88.2卢比。相比之下，2014年以来瑞士法郎对美元升值了近25%到26%。这体现了瑞士强劲的货币政策、财政纪律和明智治理的影响力。如果印度想成为真正的全球经济大国，不仅要继续推进现有改革，还得重点选择懂经济学、全球金融和国家长期发展的领导人。

amitthackrey5152
It is a good news if rupee reaches 100 against dollar our exports will increase many fold.

要是卢比跌到1美元兑100卢比，那可是好消息，我们的出口会翻好几倍。

jimkuan8493
India got their US Dollars mainly from three sources: Indian workers working oversea, IT services for the global market, and surprisingly, borrowing lots of money from China via banks like Asian Development Bank. China lends money to India so it can engage India. China does not consider India an enemy, but just a troublemaker. As long as India sitting on the fence, and making trouble for China only occasionally, China will engage India with money lending and trading

印度的美元主要来自三个渠道：海外务工的印度人、面向全球市场的IT服务，还有个意外来源——通过亚洲开发银行这类机构从中国借了很多钱。中国借钱给印度是为了拉拢它。中国没把印度当敌人，只觉得它是个麻烦制造者。只要印度保持中立，只是偶尔给中国添点麻烦，中国就会通过借贷和贸易来拉拢它。

rajd909
Good thing this article showed up on my feed. 1 CAD equates to around 64 INR at the moment. I certainly know what I am going to do.

这篇文章出现在我的推送里真是太好了。现在1加元大概兑64卢比。我知道自己该做什么了。

jothimsw
Tell me when it’s strengthened ??? It was rs. 56 when modi took office in 2014

告诉我卢比什么时候升值过？2014年莫迪上任时，1美元才兑56卢比。

rickycool6083
When we become a surplus country, then it will strengthen.

等我们变成贸易顺差国，卢比自然就升值了。

loyal.2.india_not.2.politician
In 2014 people thought a chi wala can handle Indian economy my than PhD in economics

2014年，人们觉得一个卖茶的能比经济学博士更会管印度经济。

nayansupreeth8932
To grow Indian ruppee imports must be reduced and manufacturing must be supported more. Exporting must also be increased. Through this Indian ruppee will grow on

要让卢比升值，就得减少进口，加大对制造业的扶持，还得增加出口。这样卢比才能涨起来。

barry5152
Does anyone know a time when the Ruppee wasn’t falling? New record lows are nothing new for the Ruppee since 1990

有人记得卢比什么时候没贬值过吗？自1990年以来，卢比创历史新低早就不是新鲜事了。

CMsantoprakash
The Indian rupee is not just falling after imposition from USA. Its falling from last few years which Godi media is not willing to accept.

卢比不是在美国施压后才贬值的。这几年一直在跌，只是亲政府的印度媒体不愿承认而已。

mugwalthunter
Indian media frequently comments on other countries’ matters, seemingly forgetting the significant problems and shortcomings they face at home.

印度媒体总爱评论其他国家的事，好像忘了自己国内有一大堆问题和短板。

rtos
It looks like government spending has increased significantly over the last few years. One cannot understand why the ruppee should fall to the dollar, when its the dollar falling in recent months to other international currencies.

过去几年政府开支似乎大幅增加了。最近几个月美元对其他国际货币都在贬值，真搞不懂为什么卢比还在对美元贬值。

thomashunter5645
If you tie the rupee bundle properly with a rubber band, it will not fall.

要是用橡皮筋把卢比捆结实了，它就不会“跌”了。

Santallo-t9s
Let us have another 10 days of celebration for super rupee.

我们现在为“超级卢比”庆祝10天吧。

jayoza5190
When I came to US in 1973, dollar to rupee ratio was 1 to 8. Now it is 1 to 89. Was Indian economy stronger in 1973 than it is now? Something does not make sense.

1973年我来美国的时候，1美元兑8卢比。现在都1比89了。难道1973年的印度经济比现在还强？这根本说不通。

kamalagurung4056
It's ok to tariff imports to India but it is not ok for India export to be tariffed

对印度的进口商品加税就可以，对印度的出口商品加税就不行？

aruarshi2137
Because now we are trading in our currency now with some major countries. Plus dependency on dollar should be reduced as much as possible.

现在我们和一些主要国家用本币贸易了。而且应该尽可能减少对美元的依赖。

iamchanduchetan
In 2022 wen I came to Singapore 1 SGD was 58 Rs, now its 70 Rs, but I don't trust in these numbers, because living in India is cheaper than abroad. I pay like 2L per month for a 2BHK house, in India its max. 25K in Tier 1 City like Bangalore.

2022年我来新加坡的时候，1新加坡元兑58卢比，现在都70了。我不信这些数字，在印度生活，成本比国外便宜。我在新加坡租个两居室每月要20万卢比，在班加罗尔这种印度一线城市，最多2.5万卢比。

asolomon70
With the rupee sliding it directly affects imported inflation, which in turn exposes the bogus inflation figures that the government releases

卢比贬值直接导致输入性通胀，这反过来揭穿了印度政府公布的虚假通胀数据。

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