Indian rupee, stocks slide as oil prices rocket after Russia attack on Ukraine
More market turmoil looms for the rupee and shares with investors spooked by soaring oil prices as the Ukraine war rages and the impact that sanctions against Russia could have on India and the global economy. The rupee crashed Monday to an all-time low, sliding by a huge 81 paise to close at 76.99 just short of the 77-mark and analysts predict it will head further south, as investors rushed for refuge in the US dollar. The NSE Index tumbled by 1,500 points as asset safe havens like gold breached $2,000 an ounce.
The slide came as Brent crude spiked to a near 14-year high of $140 amid fears of major supply disruptions in the global oil market. Brent oil futures hit $128.18 a barrel.
The rupee, trading near its all-time low of about 77 against the dollar early on Tuesday inflation, economic growth, household spending and investments are just some of the expected economic casualties of Russia’s invasion of Ukraine.
