Indian Rupee Slumps To Record Low: Hits 91.99 Amid Surging Dollar Demand
Rupee Slides to Fresh Record Low
The Indian rupee touched its lowest value in history on January 23, as strong demand for the US dollar from corporates and importers, combined with foreign portfolio investor (FPI) outflows and geopolitical instability, weighed heavily on the currency. The domestic unit slipped to 91.99 per dollar, surpassing its earlier record low of 91.7425 recorded earlier this week.
From its Thursday closing level of 91.41, the rupee declined 0.63%, marking one of its sharpest single-day falls in recent months. Risk-off sentiment in global markets has intensified pressure on emerging market currencies, including the Indian rupee.
According to forex traders quoted by PTI, persistent dollar buying by importers, particularly from the oil and commodities sectors, has kept the rupee under strain. Continued selling by foreign portfolio investors has further intensified the downward pressure.
FPIs have already sold Indian equities worth ₹31,334 crore in January, making it the largest monthly selloff since August last year. Rising US bond yields, uncertainty over global interest rate cuts, and ongoing geopolitical tensions have prompted international investors to reduce exposure to emerging markets.
The Reserve Bank of India (RBI) has been actively intervening in the foreign exchange market to curb excessive volatility. According to traders, the central bank has been conducting dollar sales intermittently to prevent sharp intraday movements. While RBI intervention has helped stabilise currency fluctuations, it has not been sufficient to reverse the rupee’s overall weakening trend.
Analysts note that India’s widening trade deficit, along with a stronger US dollar index, continues to weigh on the domestic currency.
(This article has inputs from ANI & PTI)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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