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The exact equations defining steady-state operation of a controlled current induction motor drive system are derived by solving the system state equations in the stationary reference frame. These equations, which assume ideal current filtering, eliminate the difficulties involved in taking derivatives of discontinuous currents by defining a pair of pseudocurrent variables. Effects of saturation are included by using the slope ratio method. Electromagnetic torque and current pulsations are computed for various load conditions, and experimental confirmation of the calculated results is made. Similarities and differences to voltage controlled characteristics are presented. It is shown that normal open-loop operation occurs on the unstable side of the torque-slip characteristic necessitating the use of feedback control for stable operation.