How to Rename "Request new password" link?
The String Overrides module is a good suggestion if you have many strings, or need to constantly alter them, but you can also achieve this by editing the string overrides section of your settings.php file.

Simply uncomment the section so it looks like this:

$conf['locale_custom_strings_en'] = array(
  'Request new password' =&gt; 'MY CUSTOM TEXT FOR A NEW PASSWORD',
);