Russia-Ukraine crisis: Falling rupee unlikely to shore up India's exports

Uncertainty resulting from the Russian invasion of Ukraine and over how other currencies behave among factors keeping exporter sentiment in check

India’s exports are unlikely to get an immediate boost from a depreciating rupee, which touched an all-time low on Monday, driven by rising commodity prices. The rupee fell to 76.97 against the dollar earlier in the day, settling 1.05 per cent weaker than the previous close.

Oil prices soared to their highest since 2008 on Monday at $139 per barrel, after the US and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude oil to global markets increased supply fears. Since Russia’s invasion of Ukraine on February 24, oil price has jumped