The rupee (INR) came close to the 96 per US dollar (USD) mark on Thursday as it was pressured by rising crude oil prices and continuous dollar outflows due to FPI sales from the domestic equity markets.
The Indian currency hit a record intraday low (of 95.96 per USD) as well as an all-time closing low (of 95.7625, down about 6 paise against the previous close of 95.7050).
However, RBI intervention ensured that the Rupee pulled back from the intraday lows.
The rupee has closed at record lows in each of the four trading session in the current week.
Amit Pabari, MD, CR Forex Advisors, the Indian rupee slipped to yet another record low, extending a losing streak that has now turned into a full-fledged pressure cycle.
“But this is no longer just a currency story — it is a reflection of India’s growing dependence on imported comfort in a world that is becoming increasingly uncomfortable.
“The rupee has now weakened more than 6 per cent against the US dollar since the West Asia conflict began, making it Asia’s worst-performing currency in 2026 so far.” Pabari said.
He noted that from jewellery showrooms to fuel stations, every imported commodity is now carrying a heavier price tag — and the rupee is feeling the weight of it.
“India spent a record $84 billion on gold and silver imports in FY26, compared to just $35.5 billion a decade ago. At the same time, rising crude prices have added another layer of stress to the country’s balance of payments. And when a country imports more than it exports, the pressure eventually lands on the currency,” Pabari said.