Indian Rupee Hits Record Low of 92.3 Per Dollar as Middle East War Batters Asia's Worst Currency

The Indian rupee has been under sustained pressure throughout 2026, already down more than 2% since January, making it Asia's worst-performing currency and one of the weakest in emerging markets, following a roughly 5% slide in 2025. On Wednesday, the rupee weakened further to a record low of 92.3025 per dollar, surpassing its previous record of 91.9875 hit in January. Brent crude has risen more than 13% since the war began, a major concern for India, which imports over 80% of its crude oil needs. The conflict also threatens remittances from India's large diaspora in the Middle East and risks driving foreign investors out of Indian assets. The country's benchmark 10-year bond yield rose 4 basis points to 6.717%.