Business
Oil prices surge: Rupee hits lifetime low against dollar
The rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever.
New Delhi: The Indian rupee weakened by 76.98 against the US dollar on Monday (March 7) as a sharp rise in crude oil prices amid the ongoing Russia-Ukraine conflict dampened investors’ sentiments.
The rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever.
The global crude oil prices saw a surge to above $130 which threatened to push up imported inflation and widen the country’s trade and current account deficits.
The price of Brent crude oil went over $130 per barrel in the early hours of Monday, surpassing the top 2012 mark of over $128.
As of 02:28 Moscow time on Monday (00:28 GMT), the price of May futures for Brent was trading up 9.35 percent, to $129.06 per barrel. At 02:06 the Brent price reached $130.3. The price of April futures for WTI crude was going up around 9.68 percent in the early hours of Monday, to $126.12 per barrel.
On Thursday, WTI crude went over $115 per barrel for the first time since September 22, 2008. The price of Brent crude oil, in turn, went over $119 per barrel, for the first time since February 13, 2013.
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The Brent price reached a historic maximum in 2008, when it stood at over $143 per barrel.
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