Indian rupee hits new low of 77.02 against a dollar amid Russia-Ukraine war
Mumbai, March 7: The Indian rupee fell to a record low of 77.02 against the US dollar on Monday, as investors were dampened by a steep rise in crude oil prices amid the ongoing Russia-Ukraine war.
The rupee hit a low of 77.02 against the US dollar in intra-day trade on Monday, down from its Friday close of 76.16 against the dollar. Due to a sharp surge in crude oil prices on international markets, the Indian rupee has depreciated significantly in recent weeks.
Brent crude oil prices have risen to near $130 per barrel, the highest since 2008.
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India's trade and fiscal deficits are expected to widen as a result of rising crude oil prices. The Indian currency will be under increased pressure as a result of this.
Meanwhile, the global rise in crude oil prices triggered by the Russia-Ukraine situation is anticipated to boost petrol and diesel prices in India by more than Rs 30 per litre.
Crude oil prices have risen over 20% in the last three days due to fears of supply shortages.
In frantic trading on Monday, oil prices rose and shares plummeted as the threat of a US and European ban on Russian products, as well as delays in Iranian talks, triggered what was shaping up to be a massive stagflationary shock for global markets, according to Reuters.
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-PTC News
