Indian Rupee Hits Historic Low Amid Putin's Visit

• 5.12.2025, 18:45

An anti-record has been set.

The Indian rupee broke an all-time low against the dollar during Putin's visit to the country, urging Prime Minister Narendra Modi to continue buying Russian oil despite duties and sanctions from the Donald Trump administration, The Moscow Times noted.

At the end of trading on Friday, the rupee fell 0.4 percent to 90.19 rupees per dollar, having fallen to 90.29 a day earlier, a historic anti-record.

The Indian currency has lost more than 5 percent in value since the beginning of the year after the U.S. imposed 50 percent duties on goods from India over energy cooperation with the Kremlin. Net capital outflow from India's financial markets since the beginning of the year reached $17 billion, and in August and September the country's Central Bank recorded an outflow of direct investment - that is, investments in the real economy.

India's trade deficit in October at the same time reached an all-time high due to duties hitting exports, Reuters writes. As a result, the rupee has become Asia's worst performing currency.

In his visit to New Delhi, Putin said Russia was ready to continue "uninterrupted" supplies of oil to India, as well as anything "necessary for energy development."

He also heaped praise on Modi, saying the country had become a "serious force" under the Indian prime minister. "I think both India and the world have seen that India cannot be spoken to the way it was treated 77 years ago. The Indian people can be proud of their leader," Putin said.