Abstract: Various embodiments of methods and systems for managing current consumption in a portable computing device (“PCD”) are disclosed. A duration of time associated with a maximum allowable current consumption through a voltage regulator is divided into a plurality of N sub-durations. The current consumption for each sub-duration is monitored and a moving sum of current consumption is calculated for a plurality of past sub-durations. Using the sum of current consumption, a current budget for a next sub-duration or next set of consecutive sub-durations may be determined. Subsequently, throttling levels of power consuming processing components may be adjusted such that a maximum allowable current consumption over consecutive N sub-durations may be maintained beneath a peak current threshold without unnecessarily sacrificing processing capacity of the processing components.