The rupee's slide has become one of the defining financial stories of 2026. From Rs 83 to the dollar two years ago to a record low beyond Rs 97 in recent weeks, the depreciation, for most businesses, is still underestimated in its implications. A first glance may point to a global risk-off sentiment. The deeper analysis reveals a confluence of pressures: persistent and voluminous FPI outflows, an increased price of oil and gold and the lingering drag of US tariffs on Indian exports. For CXOs managing import bills, overseas borrowings, dollar-denominated contracts and cross-border capital decisions, it is a balance-sheet story and the full cost is still being absorbed.

In this session, Adit Jain, Chairman and Editorial Director, IMA India, will draw on his research and analysis to examine what is actually driving the rupee's weakness, how long these pressures are likely to persist, and what the currency's trajectory means for business planning and financial decision-making. He will map the structural versus cyclical dimensions of the depreciation, explore the implications for import-heavy sectors and assess what the RBI's room for manoeuvre actually looks like from here. The session will move beyond the headline rate to discuss what a sustained period of rupee weakness requires of India's senior leaders — in treasury; strategy and operations; and what signals to watch.