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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
RAJYA SABHA
UNSTARRED QUESTION NO. 3582
TO BE ANSWERED ON 24.03.2026
DEPRECIATION OF RUPEE
3582 Shri Derek O' Brien:
Will the Minister of Finance be pleased to state:
(a) the depreciation of the Indian Rupee against the US dollar during 2025, month-wise;
(b) whether it is a fact that the Rupee was among Asia’s worst performing currencies in 2025;
(c) the net FPI flows (equity and debt separately) during 2025, month-wise; and
(d) the amount of forex reserves deployed for Rupee management during 2025, monthwise, the
current level of reserves?
ANSWER
THE MINISTER OF STATE FOR FINANCE
(SHRI PANKAJ CHAUDHARY)
(a) The month-wise appreciation/depreciation of the Indian Rupee (INR) against the US Dollar
(USD) during 2025 is presented in the table below.
Month Appreciation (+)/Depreciation (-) of INR
against USD (%)
January -1.16
February -1.02
March 2.40
April 1.15
May -1.27
June -0.20
July -2.11
August -0.69
September -0.66
October 0.02
November -0.76
December -0.47
Source: Bloomberg(b) The INR depreciated by 4.8 per cent against the USD during calendar year (CY) 2025. The
appreciation/depreciation of other major currencies for the same period is presented in the table below.
Currency Appreciation (+)/Depreciation (-) against USD (%)
Chinese Renminbi +4.5
Indonesian Rupiah -3.5
Philippine Peso -1.7
Korean Won +2.2
Malaysian Ringgit +10.1
Turkish Lira -17.7
Source: Bloomberg
(c) The month-wise net foreign portfolio investment (FPI) flows (equity and debt) to India during
2025 is presented below.
Net FPI Flows to India
(Rs. crore)
Month Equity Debt
Jan-25 -78,027 571
Feb-25 -34,574 10,517
Mar-25 -3,973 37,789
Apr-25 4,223 -24,384
May-25 19,860 12,155
Jun-25 14,590 -22,527
Jul-25 -17,741 11,812
Aug-25 -34,993 12,662
Sep-25 -23,885 12,254
Oct-25 14,610 18,224
Nov-25 -3,765 4,674
Dec-25 -22,611 -15,399
Total -1,66,286 58,348
Source: NSDL(d) The value of the INR is market-determined, with no target or specific level or band. The
Reserve Bank of India (RBI) regularly monitors the foreign exchange market and intervenes in
situations of excess volatility. The details of the RBI’s foreign exchange interventions during CY 2025
have been presented below.
Month Net purchase (+)/sale (-) of USD
(in USD million)
January -11,139
February -1,621
March 14,355
April -1,660
May 1,764
June -3,661
July -2,540
August -7,695
September -7,910
October -11,877
November -9,710
December -10,020
Source: RBI
The level of India's Foreign Exchange Reserves (FER) as of March 6, 2026, is USD 716.8 billion.
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