<h1>Rupee breaches 90 per dollar as FIA outflows test RBI exchange rate management under FEMA framework</h1> The domestic currency breached the 90-per-dollar level for the first time, closing at an all-time low of 90.15 amid sustained foreign portfolio outflows, higher crude prices, weak exports, and uncertainty over an India-US trade deal. Market participants noted limited but periodic intervention by the central bank, with debate over whether a monetary policy rate cut to protect the currency would be appropriate under current conditions. Analysts highlighted that the depreciation reflects broader global financial tightening and safe-haven flows into the dollar. The situation raises policy considerations under FEMA and RBI's exchange rate management mandate, including future intervention strategy and communication around rupee stability.