The worst-performing currency in Asia has now become the Indian Rupee.
When compared to other currencies such as the Chinese Yuan and the Indonesian Rupiah the INR has underperformed.
It is very important to note that tariffs by US have negatively affected Indian exports. The tariffs have led to trade deficits. In October 2025 the deficits reached a record of $41.7 billion.
In November 2025 the INR touched a low of 89 against the USD. If the trade deals remain unresolved it will further slide to 90 according to Indian media.
A 50 per cent Donald Trump’s tariff on Indian goods took effect in August 2025.
This is one of the US’s highest tariff applied to a range of goods. This includes jewellery, gems, footwear, garments, furniture, footwear and industrial chemicals.
Due to generic drugs providing affordable healthcare in the US, the Indian pharmaceutical industry has been exempted from immediate tariff increases. About half of Indian generic medication imports in India come from India.
When the tariffs came into effect PM Modi pledged to cut taxes, protect farmers and push for self-reliance.
He said “India should become self-reliant – not out of desperation, but out of pride … Economic selfishness is on the rise globally and we mustn’t sit and cry about our difficulties,”. However as of now he has not been able to fulfill his pledge.
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