Rupee Hits Lifetime-Low, Tracking Flying Oil Prices And Weak Domestic Equities
NDTV
The energy-sensitive rupee hit a lifetime low as a sharp surge in crude oil prices threatened to push up imported inflation and widen trade deficits.
The energy-sensitive rupee hit a lifetime low in early trading on Monday as a sharp surge in global crude oil prices to above $130 threatened to push up imported inflation and widen the country's trade and current account deficits.
The Indian rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever. On Friday, the rupee fell to close at 76.17 against the US dollar, its lowest closing level since December 15, 2021.
The rupee has declined against the US dollar as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to the greenback's safe-haven appeal.
The yen and the dollar were trading stronger as investors moved towards safe-haven assets. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.29 per cent to 98.93 in early Monday trade.
