<h1>Rupee Hits Record Low, Tests 90 Mark, Raising FEMA-RBI Volatility Concerns and Need for Calibrated Action</h1> The Indian rupee closed at a record low of 89.96 per USD after breaching the psychologically significant 90 level intraday, driven by speculative short-covering, persistent importer demand, FII equity outflows, and uncertainty over an Indo-US trade deal. Under the FEMA/RBI regulatory framework, this sharp depreciation heightens concerns over currency volatility and external sector stability. Market analysts emphasize 90 as a critical resistance; a sustained breach could trigger further speculative inflows toward 91. The central bank has intervened to curb volatility but is perceived to have limited room for continued support, increasing the legal and policy imperative for calibrated RBI action to manage disorderly market conditions.