印度卢比兑美元汇率跌破86.4，接近本月以来的历史低点86.7，原因是印度储备银行的卢比供应增加，以及预期的降息预期。流动性紧张的情况源于印度储备银行对外汇市场的积极干预，以保护主要贷款人耗尽的卢比银行储备，迫使央行进行一系列现金注入、长期债券购买和外汇储备枯竭。支持流动性条件的举措提高了人们的共识，即印度储备银行将于本季度开始其削减周期，对即将举行的两次会议的预期存在分歧。在有证据表明印度经济增长急剧放缓后，呼吁放宽政策的呼声推翻了之前的共识，即印度将跑赢主要新兴经济体，促使投资者关闭印度资本市场的头寸，转向竞争性的亚洲资产。

The Indian rupee weakened past 86.4 per USD, approaching the record low of 86.7 from this month amid higher supply of rupees by the RBI, and the resulting expectations of anticipated rate cuts. Tight liquidity conditions stemmed by the RBI’s aggressive interventions on the foreign exchange market to defend the rupee drained bank reserves from key lenders, driving the central bank to a series of cash injections, longer-dated bond purchases, and depletion of its foreign exchange reserves. The moves to support liquidity conditions raised the consensus that the RBI is due to commence its cutting cycle this quarter, with expectations divided between the two upcoming meetings. Calls for looser policy followed evidence of a sharp slowdown to India’s economic growth reversed the previous consensus that it would outperform major emerging economies, driving investors to close positions on Indian capital markets and pivot to competing Asian assets.