The Indian rupee continued its depreciation, dipping to ₹91.6 against the dollar as foreign investors pulled ₹33598 crore of Indian equities as of January 23 2026.

The pair depreciated a mild 3 paise from ₹91.58 the day before. The rupee has become cheaper by 64 paise in the past week and ₹1.64 rupees since the beginning of the month.

The relentless foreign investor selling has continued to pressurise the currency. Further, the delay in the India-U.S. trade deal and the collateral effect of the U.S.-Greenland tension added to the tensions in the rupee.

“The Indian rupee succumbed to a record low, buckling under the weight of voracious dollar demand from importers and corporates ahead of the long weekend and the upcoming Union Budget. This fragility intensified as domestic equities faced a fresh bout of liquidation, erasing Thursday’s (January 22) tentative recovery. The outlook for spot USDINR remains resolutely bullish; we anticipate the pair may eclipse the psychological 92 threshold while finding the support at 91.10,” said Dilip Parmar, Research Analyst, HDFC Securities.