India’s rupee hit a new record low against the US dollar on Thursday on the back of rising oil prices, end-month demand for dollars and concerns about the health of emerging markets after the Turkey crisis.
The rupee slumped to an all-time low of 70.81 against the dollar, for a total 10.97-percent depreciation since the beginning of this year.
Oilprice.com reports how rising oil prices and the weakening currency have already created a perfect storm for India, where oil demand growth has been surging while the higher oil prices are increasing the country’s spending on crude oil imports, which account for 80 percent of Indian oil consumption.
