Rupee sinks to record low with stocks as Ukraine crisis boosts oil

The Indian rupee tumbled to a record low along with stocks and bonds as a spike in oil prices spurred by the war in Ukraine threatened to inflate the nation’s oil-import bill and fan inflationary pressures. 

The rupee declined as much as 1% to 76.9625 per dollar, past its previous low of 76.9088. Benchmark government bond yields rose six basis points to 6.87%, while the S&P BSE SENSEX Index fell as much as 3.3% to 52,542.64, the lowest since July. 

Today’s move has turned the rupee into Asia’s worst performer this year as surging crude prices fueled worries about the