由于美中贸易紧张局势加剧抑制了全球风险偏好，印度卢比兑美元汇率保持在88.7左右，接近历史最低点。这进一步加剧了卢比面临的压力，包括美国高额关税、更严格的移民规定、外国资金外流以及黄金等贵金属价格飙升，鉴于印度严重依赖黄金进口，这是一个关键的脆弱性。尽管如此，人民币的下跌仍受到央行频繁干预的限制，国有银行在88.8左右出售美元以限制损失。其他支持来自印度官员访问美国进行贸易谈判的报道，尽管交易员认为，如果没有切实进展，持续反弹的可能性很小。在数据方面，9月份的通胀率降至1.54%，低于市场预期的1.7%和印度储备银行的2-6%的目标，助长了降息的押注。此前，央行在9月份的会议上对未来可能降息发表了鸽派言论，并保持利率不变。

The Indian rupee stayed weak around 88.7 per USD, trading close to its all-time low, as renewed US-China trade tensions dampened global risk appetite. This further compounded the pressures the rupee faces from steep US tariffs, tighter immigration rules, foreign outflows, and surging precious metal prices like gold, a key vulnerability given India’s heavy reliance on gold imports. Still, the currency’s decline was limited by frequent central bank intervention, with state-run banks seen selling dollars around the 88.8 level to cap losses. Additional support came from reports of Indian officials visiting the US for trade talks, though traders see little chance of a sustained rebound without tangible progress. On the data front, September’s inflation eased to 1.54%, below market estimates of 1.7% and the RBI’s 2–6% target, fueling bets of rate cuts. This follows the central bank’s dovish remarks on potential future rate cuts during its September meeting, where it kept rates unchanged.