Indian rupee plunges to a record low of 77.02 against a dollar
HY News
07 March, 2022 02:26 pm IST
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The Indian rupee plunged to a record low of 77.02 against a US dollar on Monday as a sharp rise in crude oil prices amid the ongoing Russia-Ukraine conflict dampened investors' sentiments.
At the interbank foreign currency market, the rupee hit a low of 77.02 against a US dollar in the intra-day trade on Monday against its Friday's close at 76.16 against a dollar. The Indian rupee has weakened sharply in the last couple of weeks due to a sharp rise in crude oil prices in the international markets.
The Brent crude oil price surged to near $130 a barrel, the highest level since 2008.
Due to high crude oil prices, India's trade and fiscal deficits are set to rise. This will put increasing pressure on the Indian currency.
(With inputs from agency)
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