Rupee sinks to record low with stocks as Ukraine crisis boosts oil
The Indian rupee tumbled to a record low along with stocks and bonds as a spike in oil prices spurred by the war in Ukraine threatened to inflate the nation’s oil-import bill and fan inflationary pressures.
The rupee declined as much as 1% to 76.9625 per dollar, past its previous low of 76.9088. Benchmark government bond yields rose six basis points to 6.87%, while the S&P BSE SENSEX Index fell as much as 3.3% to 52,542.64, the lowest since July.
graphToday’s move has turned the rupee into Asia’s worst performer this year as surging crude prices fueled worries about the country’s balance of payments. India imports nearly three-fourth of its oil, making it one of the most vulnerable in Asia to higher prices.
