<h1>Rupee slide beyond 90 seen temporary, may rebound with Indo-US trade deal amid cautious rate policy</h1> A research report from a major public sector bank's economic department states that the rupee's slide past 90 per US dollar does not signify structural weakness and is expected to reverse if an Indo-US trade deal is concluded by March 2026. The rupee has depreciated 5.5 per cent since April 2025 following US tariff hikes, becoming the most depreciated but not the most volatile major currency. Limited dollar supply has left the central bank as lender of last resort, though it is avoiding defending any specific level. Breach of the 90 mark has triggered option barriers, and a policy rate cut now could be misread as exchange-rate targeting.