Indian rupee hits record 95.33 against US dollar on Thursday
The Indian rupee just hit its lowest point ever at 95.33 against the US dollar on Thursday, mostly because global oil prices are shooting up and inflation is still a worry.
The rupee recovered amid suspected RBI intervention, so the rupee bounced back a bit and closed at 94.91.
With oil nearing $120 a barrel (and India relying on imports), that's putting extra pressure on the currency.
Dealers say rupee may reach 97
It's not just the rupee feeling the heat: currencies all over Asia are sliding as the US dollar gets stronger and there's talk of tighter US monetary policy.
Dealers say if oil prices stay high, we could see the rupee drop even more, maybe toward 97.
So far in 2026, it's already lost over 5% of its value, continuing last year's downward streak and making things trickier for India's economy overall.