The Indian rupee weakened to an all-time low of 93.76 per dollar, as escalating tensions in West Asia dampened global risk appetite and kept crude oil prices elevated. A stronger dollar index, supported by a hawkish US Federal Reserve, has further added pressure on the rupee. In our January 2026 report, ‘INR hovers near 92, What’s next?’, we had highlighted a weak outlook for the currency, with risks of depreciation towards the 93–93.50 range amid persistent geopolitical uncertainties.
