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Rupee slides to new lifetime low to 86.50 per dollar; Here’s why…

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Rupee slides to new lifetime low to 86.50 per dollar; Here’s why…

The Indian rupee slid to an all-time low of 86.4850 per dollar on Monday as the dollar index inches up. This was the biggest intra-day fall since December 27. 

The dollar index hit over a 2-year high of 109.98 on Monday after the US non-farm payrolls data came hotter than expected on Friday. Plus, the hike in crude oil prices is weighing on the rupee after the US-sanctioned Russian oil producers and ships. Brent rose above $80 a barrel to its highest level in more than four months. These export curbs on Russian oil suppliers to top buyers China and India are hurting the Indian currency.

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