17/08/2026
1. Last 10 years: INR/USD
Government of India data show the following calendar-year-end rates.
Year ₹ per $1 INR depreciation
2015 ₹66.15 4.70%
2016 ₹67.93 2.62%
2017 ₹63.87 -6.36% (INR appreciated)
2018 ₹69.77 8.46%
2019 ₹71.38 2.26%
2020 ₹73.07 2.31%
2021 ₹74.34 1.71%
2022 ₹82.74 10.15%
2023 ₹83.21 0.56%
2024 ₹85.61 2.88%
2025 ₹89.88 ~4.99%
2. What has been the average depreciation?
From ₹66.15/$ in 2015 → ₹89.88/$ in 2025, the rupee depreciated approximately:
Total depreciation: 35.9%
Annualized depreciation/CAGR: ~3.11% per year
So, for long-term planning, ~3.1% annual INR depreciation is a reasonable historical baseline.
However, it wasn't smooth: 2017 saw INR appreciation, while 2022 saw more than 10% depreciation. The Government notes that the exchange rate is market-determined rather than maintained at a fixed target/band.
3. What could USD/INR be in 2035?
There is an important update: USD/INR was around ₹95.5–₹95.6 on August 17, 2026, so using today's level rather than the 2025 year-end level is more appropriate for a 2035 projection.
Assuming 9 years from 2026 to 2035:
Assumed annual INR depreciation Approx. USD/INR in 2035
2% ₹114
3% ₹125
3.1% historical ₹126
4% ₹136
5% ₹148
6% ₹161
7% ₹176
My practical 2035 range
I'd use ₹125–₹150 per USD as a reasonable planning range rather than treating one number as a forecast.
₹125–130: INR depreciation stays close to its long-term historical trend.
₹135–150: Moderately higher depreciation.
₹150–165+: Significant sustained pressure on INR.
At the historical 3.11% rate, the calculation is approximately:
₹95.59 × (1.0311)^9 ≈ ₹126/$ in 2035.
So my base-case estimate for 2035 is around ₹125–130/USD, with ₹145–150/USD being a sensible stress case.
One important distinction: this is a nominal USD/INR projection, not a prediction of India's real exchange rate. Inflation differences between India and the US, oil prices, productivity, capital flows, RBI intervention, India's current account, and the future strength of the dollar can make the actual result substantially different.
