Most Asian currencies have gained in 2025 against a softer dollar except for the rupee, which has slid more than 3.5% as global investors pulled money from Indian markets. Unsettled by Washington's punitive 50% tariffs on Indian goods, foreign investors have sold over $17 billion of Indian equities this year, sinking the rupee to record lows. However the Reserve Bank of India's regular interventions to smooth volatility have shielded the rupee from steeper losses. Predictions of rupee appreciation have repeatedly backfired over the past decade with the rupee strengthening against the dollar only once in that period- in 2017. "Every day if you have a flip-flop on trade policy...you don't know how the board is being laid every day.