96 Dollar: Is India’s Rupee Crisis Getting Worse?

The Indian rupee is once again under intense pressure, hovering close to the psychologically important ₹96-per-US-dollar level. On August 24, 2026, the rupee opened around ₹95.64 and later closed at approximately ₹95.75 per dollar.

For ordinary Indians, this is not merely a currency-market statistic. A weaker rupee can make crude oil, imported electronics, machinery, medicines and other imported goods more expensive. India imports nearly 90% of its crude-oil requirements, making the country particularly vulnerable when international oil prices rise.

The situation also raises questions about economic management under the Narendra Modi government. The government cannot control global oil prices or US monetary policy, but critics can reasonably ask whether India's economic policies are creating enough protection against external shocks.

The RBI has been actively supporting the rupee, with state-run banks reportedly selling dollars on its behalf. This intervention has helped keep the currency above ₹96 for now. Reuters reported that the RBI's interventions and strong capital inflows have provided an important cushion.

But intervention alone cannot solve the underlying problem.

Rising oil prices, geopolitical tensions, dollar demand and global financial conditions continue to threaten the currency. Reuters reported that traders expect the rupee could remain in roughly the ₹95.50–₹96.50 range in the near term.

So, is ₹96 a crisis?

Not necessarily—but it is a warning sign.

The real test for the Modi government is whether India can strengthen exports, attract stable foreign investment, reduce vulnerability to imported energy and maintain price stability.

A strong economy cannot be judged only by GDP growth. The value of its currency—and what that currency can buy for an ordinary citizen—matters too.