The Indian rupee hit an all-time low of 95.33 to a dollar earlier on Thursday (April 30). It means that when trading international currencies, buying a single US dollar requires 95.33 rupees. At the start of 2026, a dollar could be exchanged for 90 rupees, and a year ago for less than 85. In other words, there has been a sharp slide in the value of the rupee relative to the US dollar — a fall of 12% in just the past 12 months. For perspective, while it is true that the rupee loses value to the dollar every year, the slide is only about 3% to 4% over 12 months. Such a sharp decline is reminiscent of September 2013, when the rupee lost 12% of its value against the dollar just between January and September. ‘Fragile Five’ economies At that time, Morgan Stanley, a leading global investment firm, had dubbed the Indian rupee (or INR) one of the fragile five currencies in emerging markets. The other four were: 1. The Indonesian rupiah or IDR (which had fallen 15.4% against the dollar), 2.…