Fallout of Russia-Ukraine war: Rupee nears 77/$ in all-time low

The previous all-time low for the rupee was recorded on April 16, 2020, when it closed 76.87 against the dollar

The rupee plunged to a record low while bond yields jumped on concerns over higher inflation and widening current account deficit after crude oil prices surged to $130/bbl amid intensifying Russia-Ukraine war.

The rupee closed the day at 76.97/$, the lowest ever after plunging 1.05 per cent against the dollar. Intraday, the rupee hit 76.98/$, prompting the state-run banks to sell dollars on behalf of the Reserve Bank of India (RBI). This fall was the fifth occasion when the rupee fell over 1 per cent in the day.

The previous all-time low for the rupee was recorded on April 16, 2020, when