The currency market today is throwing up a bag of mixed results as the euro is stabilizing against the US dollar, while the Indian rupee, Chinese yuan, and other leading Asian currencies are slipping. The worst among them all is the rupee, which touched a low of 89.93 on Tuesday’s opening bell. The rupee is well on its way to plunging to a lifetime low of 90 next.

The DXY index has fallen to the 99.4 level again and is trading in a range-bound manner in December. The US dollar is down 8.5% this year and has displayed weakness since Trump took office. The trade wars and tariffs, along with weak US jobs data, have made the dollar fall this year. The euro is showing signs of stability against the US dollar, but the rupee is doing the opposite.

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Currency Market News: Euro Maintains Pace, US Dollar Weakens, and Rupee Plummets

The euro stabilized in the currency market against the US dollar as the 10-year yield rose 3.12%. The yields have also edged 0.04 points and are 0.39 points higher than a year ago. On the other hand, the 10-year US Treasury yield slipped below 4% last week. Simultaneously, the rupee is on a freefall as the Reserve Bank of India (RBI) did not intervene when the INR dipped. The central bank has intervened when the currency fell previously, but chose to opt out this time.

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The US dollar has no support at the 100 level and is heading south to the 98-99 range. The euro is slowly yet steadily inching forward, while the rupee is heading backward. The three currencies are taking three different routes in the forex markets. A recovery for the rupee without the intervention from the RBI looks impossible. Therefore, the INR could be positioned at the 90 level from 2026.