This paper presents a detailed analysis of current unbalance in a conventional switched reluctance motor (SRM) even under healthy operating condition at steady state. It is pinpointed that the phenomenon is quite expected and originates from inherent unbalance in the flux path variables. The phase currents of the motor are found asymmetric with different peak values during the normal operation, which is apparently paradoxical. Interestingly, it is also noted that the difference between the peak phase current values is varying with the load.FEM based analysis has been performed with two different terminal connection of the phase windings to the power electronic converter. The simulation results have established the effect of terminal connections of the phase winding to the power electronic converter in motor current profile. These effects are duly explained using magnetic circuit concepts and thereafter justified through detailed analytical derivations. mmf drop calculations convincingly established that the phase current unbalance arises from inherent flux path asymmetries during phase switching. The results from mathematical analysis and simulations are corroborated by accurate experimental results.