Rupee Hits Record Low of 91.95 Against US Dollar Amid Equity Selloff, Adani Woes

• The Indian rupee plunged to a lifetime low of 91.95 against the US Dollar on January 23, driven by local equity selloffs, dollar outflows, and speculative flows.
• Foreign investors have withdrawn approximately $3.5 billion from Indian equities this month, causing the Nifty 50 to drop nearly 5% in January.
• The Adani group companies' share selloff, triggered by the US SEC's request to email summons to Gautam Adani, intensified pressure on the rupee.
• The Reserve Bank of India has intervened multiple times by selling dollars to support the rupee, but these actions have only slowed its decline.
• Analysts predict continued negative bias for the rupee due to FII selling and global risk-off sentiments, with a trading range of 91.60 to 92.30.

Why It Matters: The Indian rupee reached a record low against the US Dollar due to equity outflows and Adani group concerns.