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India Rupee Hits Lifetime Low, Bond Yields Spike Tracking Oil

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

The benchmark 10-year bond yield was trading at 6.86 per cent, up 5 basis points on the day.

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.

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first published:March 07, 2022, 11:09 IST