The Long-Term Decline of the Indian Rupee (2013–2025): Policy, Sectoral Winners and Losers, and Strategic Implications
Introduction Between 2013 and 2025, the Indian rupee (INR) persistently depreciated against the U.S. dollar, falling from around ₹60 per dollar in 2013 to nearly ₹88 in 2025. This protracted currency decline is more than a matter of exchange rates—it is an economic event that has reverberated across sectors, altered the competitive landscape, reshaped corporate strategies, and impacted the daily lives of Indian consumers. Several core questions arise: What have been the structural and policy drivers of this decline? Who gained and who lost in India’s business ecosystem? Is there evidence to suggest that macro and monetary policy allowed or encouraged this trend to benefit large conglomerates, foreign investors, or offshore structures? How has this depreciation changed the fortunes of export-oriented sectors like IT and pharmaceuticals, compared to resource-dependent small businesses or consumers facing new inflationary pressures? This report delivers a comprehensive analysis of t...