Rupee at Record Low: Inside India's 'Gold Freeze' Gambit

When a finance ministry quietly doubles a customs duty, markets shrug.

The rupee touched an all-time low of roughly 96.

The rot began in late February 2026, when conflict involving Iran sent energy markets into a spin.

From about 87 a dollar before the conflict, the rupee shed nearly 6% in under three months, its sharpest sustained slide in at least a decade.

Gold: India's Patriotic Habit Becomes a Problem