India’s Next Big Economic Stress Test. Beyond ₹90 Rupee/USD

Author(s)	Dr. Satya Prakash, Mr. Ish Kumar Kewat
Country	India
Abstract	Exchange rate depreciation is an important factor that influences macroeconomic performance in emerging countries. In the Indian context, a rupee falling beyond ₹90 per US dollar is an important threshold with macroeconomic, sectoral, and social implications. This fall can further accelerate the trend of imported inflation, especially in the case of crude oil, fertilizers, and electronic components, thereby widening the current account deficit, increasing fiscal stress, and making monetary policy decisions more complex. The impact on various sectors is not uniform, as some sectors like IT, pharmaceuticals, and engineering exports become more competitive, whereas energy, aviation, logistics, and electronics sectors incur rising costs of inputs and lower profitability. The social and employment effects are also not uniform, as the poor and middle classes are adversely affected by rising living costs, whereas the rich are benefited by exposure to foreign assets.
Keywords	INR depreciation, imported inflation, sectoral impacts, income inequality, macroeconomic policy.
Published In	Volume 8, Issue 5, September-October 2026
Published On	2026-10-08
DOI	https://doi.org/10.36948/ijfmr.2026.v08i05.88978

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