Indian rupee sinks to record low against US dollar

The Indian rupee has fallen to its weakest level on record, with the currency slipping to 97 rupees (278 Pakistani rupees) against the US dollar for the first time, according to a news agency report.

The latest decline marked a new historic low for the rupee, surpassing its previous record of 96.96 per US dollar, which was recorded in May 2026.

The report said the sharp depreciation has been driven largely by rising global crude oil prices, which have increased pressure on India's import bill and weighed heavily on the local currency.

To help stabilize the rupee, the Reserve Bank of India (RBI) reportedly intervened in the foreign exchange market by selling dollars.

However, the intervention was not enough to prevent the currency from touching a record low.

The continued weakness of the rupee is expected to raise concerns over import costs, inflationary pressures and broader economic challenges if global oil prices remain elevated.