Indian rupee hits record low of 89.46 against US dollar on high greenback demand

Indian rupee

Indian rupee hit a record low during the afternoon trade on November 21 at 89.46 against the US dollar on high demand for dollars and low support from the Reserve Bank of India, currency experts said.

At 3:05 PM, the local currency was trading at 89.46 against the US dollar, as compared to 88.6787 at open, and 88.7075 at previous close against the greenback.

With this fall, the local currency is down by 0.86 percent against the US dollar as compared to November 20. Indian rupee has seen a biggest intra-day fall of 67 paise, which is highest since May 8, 2025, when it depreciated 89 paise.

"Breaking the key, 88.80 mark pushed the Indian Rupee to a record low of 89.54, biggest single day percentage fall after May 8, becomes the worst performer among Asian peers. The sudden surge in the USDINR pair was largely attributed to short covering, delay in US India trade deal and the apparent absence of intervention from the central bank," said Dilip Parmar, a senior research analyst at HDFC Securities.

Further, currency experts said that the currency has come under pressure due to fading expectations of a US Federal Reserve rate cut and uncertainty over the US–India trade deal.

Traders said that the central bank is expected to intervene in the market to arrest the further depreciation of the currency.

The central bank has been supporting the local currency in last few weeks to curb excessive volatility.

The local currency opened 3 paise up due to uptick in the Asian currencies and support from easing U.S. Treasury yields.