The Indian rupee reached a record low, depreciating past 83.3 per USD, primarily due to a strengthening USD and high import prices, particularly for oil. Capital outflows from India have also been on the rise, putting additional pressure on the currency. The central bank is expected to take measures to stabilize the rupee, as it has done since the third quarter of 2022, but there’s considerable scrutiny on how effective these will be in preventing further depreciation.