New Delhi, Sept. 16 -- When the rupee closed at a record Rs.88.36 per dollar in early September 2025, it didn't just make headlines on financial tickers. It seeped into living rooms, WhatsApp groups, and boardrooms alike. For businesses that rely on imports, the decline was painful, every shipment now costs more in rupee terms. But for investors with exposure to US stocks, bonds, or ETFs, the story looked very different. Suddenly, dollar-denominated assets weren't just rising on Wall Street, they were gaining an extra layer of strength when measured in rupees.

This duality is why currency moves matter. They don't just live in the world of traders and economists. They quietly sit in the background of your portfolio, deciding how much weal...