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Indian rupee weakens to lifetime low, trades near 92/dollar
23 Jan 2026

The Indian rupee hit a new all-time low of 91.93 against the US dollar on Friday.

The decline was mainly due to strong demand for the greenback from corporates and importers, despite some improvement in global risk sentiment.

The rupee went past its previous record low of 91.74, which was hit earlier this week.

Global factors influencing rupee's performance
External pressures

The rupee's fall is not just an Indian problem but also a reflection of global tensions.

Rising US-Europe tensions and oil supply concerns from Venezuela have made global investors wary.

Foreign investors withdrew nearly ₹3,000 crore from Indian markets in one day, contributing to the stock market's decline, with both Sensex and Nifty tumbling 1%.

RBI's role and potential recovery
Central bank intervention

Despite the rupee's fall, the Reserve Bank of India (RBI) has enough reserves to intervene if things get too shaky.

Amit Pabari, MD at CR Forex Advisors, said "much of the global risk appears to be priced into the rupee at current levels."

"The 92 level remains a strong resistance, while sustained RBI support could guide dollar/rupee back towards the 90.5-90.7 zone in the near term," he said.