Rupee Ends Flat Amid Dollar Demand and Mixed Asian FX

The Indian Rupee closed flat on December 23, 2025, at 89.65 against the US Dollar. It was caught between persistent importer dollar demand and a generally firmer trend in several other Asian currencies, with a weaker dollar providing some support.

• Indian Rupee closed flat at 89.65 against the US Dollar on December 23, 2025.
• Strong dollar demand from Indian importers persisted, driven partly by hedging activity.
• Non-deliverable forwards (NDF) market also contributed to dollar demand and high premiums.
• Firmer performance by some Asian currencies and a weaker dollar index offered counterbalancing support.
• The Rupee had recently recovered from all-time lows due to RBI intervention.

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