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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. 

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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.

Crude oil

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.

Oil India posts Q1 loss at Rs 249 crore due to slump in oil prices

Oil India posts Q1 loss at Rs 249 crore due to slump in oil prices

The Brent price reached a historic maximum in 2008, when it stood at over $143 per barrel.

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