The Indian rupee fell past 90 to the dollar on Wednesday, pressured by weak trade and portfolio flows despite strong economic growth in the world's fifth-largest economy. The rupee weakened to an all-time low of 90.

India’s services sector continued to expand in November, with the HSBC India Services Purchasing Managers’ Index (PMI) rising to 59.8 from 58.9 in October, according to data released by S&P Global.

The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for India. The authorities have consented to the publication of the Staff Report prepared for this consultation.

The Indian economy is likely to achieve the $4 trillion mark in the current financial itself. However, economists say fall in inflation coupled with a weaker rupee could push back India’s $5-trillion goalpost by two years.

“India’s real GDP is projected to grow by 6.7 per cent in fiscal year 2025-26, 6.2 per cent in 2026-27 and 6.4 per cent in 2027-28. Higher tariffs applied by the United States are expected to weigh on exports, but private consumption will be supported by rising real incomes as inflation remains low and consumption taxes decline,” the report said.

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India’s economy, so often touted for potential to supplant China as a global engine, is having a hard time getting its arms around inflation. Not that it's too high, but because the pace of price increases is worryingly low.

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India's economy grew at its fastest pace in 18 months in the July-September period, lifted by robust consumer spending and front-loading of production ahead of local festivals and punitive U.S. tariffs.