Indian Rupee Opens Slightly Weaker at 89.25 Against US Dollar; RBI Signals Steady Liquidity Management

The Indian Rupee opened at 89.25 against the US Dollar on November 25, 2025, a slight decline of 0.03% from the prior session’s close of 89.22. This muted movement indicates a calm market amid steady macroeconomic conditions.

The Reserve Bank of India (RBI) reported no surplus cash balance with the government for auction purposes as of November 25, indicating balanced liquidity in the system. Banks’ cash balances with RBI remained stable. The central bank also conducted refinance operations amounting to ₹82.67 billion, supporting banking sector liquidity.

Significantly, banks borrowed ₹10.92 billion through the Marginal Standing Facility (MSF) on the same day, showcasing moderate demand for overnight funds. The MSF rate serves as a critical short-term lending rate that banks access during liquidity crunches.

These developments underscore RBI's continued focus on cautious liquidity management to maintain currency stability and support economic growth amid prevailing external and domestic factors shaping the forex landscape.

Key highlights:

Indian Rupee opened at 89.25 vs US Dollar, down 0.03% from 89.22 close

RBI reported zero surplus cash balance with government for auction on Nov 25

Banks’ cash balances with RBI steady, indicating balanced liquidity

RBI refinance operations totaled ₹82.67 billion on Nov 25

Banks borrowed ₹10.92 billion via Marginal Standing Facility reflecting moderate liquidity demand

RBI maintains vigilant liquidity oversight to support currency and economic stability

Sources: Reuters, Reserve Bank of India official statements, NSE India​