On January 23, 2026, the Indian Rupee hit a record low of 91.93 against the US dollar. This broke the old record of 91.74. The rupee had already dropped sharply, over 1% for the week and 2.28% for the month. During the day, the rate went as high as 91.86. This showed a lot of selling, even with the Reserve Bank of India (RBI) trying to keep the currency steady by selling dollars and using swap deals to control price changes around the important 92.00 level.
Several things caused the rupee to fall. Companies needed dollars; there were many gold imports, some people were betting against the rupee from other countries, and foreign investors took nearly $3 billion out of Indian stocks in January. Though President Trump's comments about tariffs on Europe and Greenland made the world market feel better briefly, the strong dollar and stock market declines kept hurting the rupee.
Gold imports are up, worries about world risks continue, and the dollar is staying strong. Because of these things, the rupee will likely stay weak in the near future. The RBI has been trying to prevent the rate from going over 92.00. But because there is a constant need for dollars and pressure from outside, the rupee will not likely get much relief unless the world market improves or money starts flowing back into India.
