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If we look at Google search's graph of INR/USD exchange rate, there is this big spike somewhere around October or November 2023.

Did this happen for real, or does Google have buggy data?

graph of the exchange rate between the Indian rupee and the American dollar that shows a dramatic spike sometime between Oct/Nov 2023.

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  • USDCAD data shows a similar spike in the opposite direction for mid-November of 2022, for what it's worth. Jan 1 at 16:27

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I'm going to say that it's a bug in Google's data.

Hovering over your graph explains that $1 in USD was (purportedly) ₹85.20 on Nov 1, 2023. Searching Google for November 1 2023 USD to Rupee "85.20" offers no relevant or reliable results, although there was a Reddit thread asking about this. It does turn out to be the case that 1/11/23 was (at the time) the rupee's nadir, but the actual value was never ₹85.20.

To compare, here is the graph on Pound Sterling Live, which shows that it was somewhere closer to ₹83.2717:

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Here are some other sources:

1. The Economic Times reported on Thursday, Nov. 2 2023:

The local unit fell to its lifetime low of 83.2950 on Wednesday but recovered to open at 83.2250 on Thursday as U.S. Treasury yields fell and the dollar softened after the Federal Reserve left rates unchanged.

2. The Hindu, at 10:05 a.m. IST on Nov. 1 2023:

The rupee depreciated 3 paise to 83.27 against the US dollar in the morning session on Wednesday, November 1, 2023 tracking a strong American currency overseas and muted trend in domestic equities.

3. Exchange-rates.org, which says that it was ₹83.26670.

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