It’s Thursday, January 29, 2026, and if you’re planning a trip abroad or paying off an international subscription, your wallet just took a hit. This morning, the Indian Rupee (INR) officially kissed the psychological floor, hitting an all-time low of 92.00 against the US Dollar.
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The thing is, we’ve been flirting with this number all month. Last week it was 91.96, and yesterday it closed at 91.99. Today, it finally crossed the line. Or nothing.
Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1
The Rupee’s 92-Level Break: Field Notes
It’s an ongoing situation where even an 8.2% GDP growth (recorded in the September quarter) isn’t enough to save the currency from global headwinds. Here’s the ground reality:
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The Trump Tariff Trap: Since the 50% tariffs on Indian merchandise exports were imposed, the Rupee has been in a slow-motion car crash. It’s down nearly 5% since the tariff announcement and 2% just since January 1. Those too.
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The “Twin Blow” (Oil & Gold): Crude oil is back up near 70/barrel because of tensions in Iran, and gold is hitting historic highs (nearly ₹1.56 Lakh per 10g). Since we import both, we’re bleeding dollars to pay for them.
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The “Smart Money” Exit: Foreign investors (FIIs) have pulled nearly 3 billion out of Indian stocks in just the first 29 days of 2026. The thing is, they’re chasing the AI rally in North Asia (Korea/Taiwan) while India deals with “earnings fatigue.”
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The RBI’s “Smoothing” Act: Traders say the RBI stepped in early this morning to prevent a total freefall. They aren’t trying to “fix” the rate at 91, but they are trying to stop the panic. And here’s the kicker—Goldman Sachs expects the Rupee to hit 94 per dollar by this time next year. Or nothing.
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INR vs. Global Cues (Jan 29, 2026)
| Key Driver | Current Status | Impact on Your Pocket |
| USD/INR Spot | 92.00 (All-time low) | Foreign education/travel is now 5-7% costlier than last year. |
| Trump Tariffs | 50% on exports | IT and Textile sectors are seeing reduced dollar inflows. |
| India-EU FTA | Negotiations Concluded | Long-term hope; duties on 99% of Indian goods to be 0%. |
| Foreign Capital | $3B Outflow (Jan ’26) | Pressure on the Nifty; rupee losing its “overweight” support. |
And Here’s the Kicker…
While the dollar is bullying the Rupee, the India–EU Free Trade Agreement (signed just two days ago on Jan 27) is the only bright spot. The thing is, it will take months for the “zero duty” benefit to actually show up in the trade balance. Until then, exporters are holding onto their dollars, waiting for the rate to hit 93 or 94. Those too.
One side comment—if you’re an NRI sending money home, you’re the only one smiling today. The exchange rate is the best it’s ever been for remittances. It’s an ongoing situation. Or nothing.
Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1
End…
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