Rupee collapse to record low against US dollar

Indian rupee reached a record low in trading in the early hours of trade today amid a sharp rise in crude oil prices around the world could push up import inflation and increase the nation’s trade and current deficits in its accounts. A partially convertible rupee traded at 76.92 after crossing 76.96 the lowest level ever. The benchmark 10 year bond yield was at 6.86 percent, five basis points higher on Friday.

The previous record-breaking low for the rupee against the US dollar was set on 22 April 2020, when it hit 76.90 during the COVID-19 epidemic.

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