Crossing 92 to the dollar is more than a headline for the rupee. It marks a shift in market psychology. A steady build-up of pressure from foreign equity outflows, aggressive corporate hedging and speculative dollar trades has finally pushed the currency into record territory. While global factors like a recovering US dollar have added stress, domestic flows have played a decisive role. The RBI has supplied dollars to contain sharp swings but has not reversed the broader trend. Although softer global dollar cues and policy liquidity measures provide some support, traders say expectations of further weakness are now driving behaviour. Until dollar demand cools and equity flows stabilise, the rupee’s path remains fragile.