Indian rupee hits a record low against the US dollar

Posted on AllSides March 7th, 2022
From The Center

The Indian rupee sank to its lowest ever against the US dollar today (March 7) as the war between Russia and Ukraine drove up crude prices to multi-year highs globally.

The rupee fell by up to 1% to 76.9625 per dollar, against its previous low of 76.9088 to a dollar hit in 2020. The surge in crude oil prices is now likely to increase the country’s oil import bill, more so because India imports nearly 80% of its fuel needs.

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