Rupee plunges to 67 per dollar as crude oil spikes; Sensex at 3-month high

The rupee breached the 67 to a dollar mark on Monday as crude oil prices rose to their highest since Narendra Modi was sworn in as Prime Minister in May 2014. The currency closed at 67.14 to a dollar, down 0.40 per cent from Friday’s close.

Brent crude, the global benchmark, was trading at $75.71 by the time currency markets closed in India. Crude oil prices had fallen to $45.25 a barrel in 2015, helping the country in its fiscal math to a large extent. Even then, the Centre could not manage to keep the deficit within the planned range.