The Indian rupee hit a lifetime low in opening deals on Monday as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country’s trade and current account deficits.
The partially convertible rupee was trading at 76.92/93 per dollar, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday.
The benchmark 10-year bond yield was trading at 6.86 per cent, up 5 basis points on the day.
Oil prices soared more than 6 per cent, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.
With inputs from News18
Oil price surges to highest since 2008 