New Delhi, May 1 -- Talk of the Indian rupee at 100 to the dollar is back. The currency has been among the worst performers globally since 2025, and 2026 hasn't offered much relief. It has continued to weaken, even as the 95 level against the US dollar holds, for now.

The rupee on Thursday settled at 94.84 against the dollar, up 4 paise on the day-little to change the broader direction. That direction, though, is unmistakable.

That marks a sharp reversal from just a few years ago, when the rupee ranked among the more stable emerging-market currencies. From late 2022 to late 2024, it did not breach 85 to the dollar-a period of unusual calm.

That phase is over.

Since breaking past 85 in January 2025, the rupee has largely moved in one d...