Rupee reached the lowest level of all time from almost 77 dollars on Monday after crude oil made a new surge in news reports that the US and European allies had Russian oil prohibitions. This is the fourth consecutive session when the currency weakens.
The home currency traded at 76.96 dollars, down 1.05 percent of the previous lid, when submitting this story. It has been opened at 76.96 dollars.
Analysts said that Russian invasion to Ukraine and most likely Russian crude oil exports will keep oil prices increase for protracted periods. “We noted the increased risk of global crude oil prices remained increased in the next 6-9 months because of the great imbalance in the global crude oil market,” said an analyst.
Brent soared to a height of 14 years at around $ 140. Oil reached the highest since 2008 in US trade, and there were no signs of cooling.
The latest setback came after the Secretary of the US, Antony Blinken told the news channel, “We are now talking to our European partners and allies to see in a coordinated manner on the prospects forbid Russian oil imports, while ensuring that there is still a suitable oil supply in the world market Of course. “
According to the Institutional Institutional Equity Report, the average crude oil price of $ 120A will cost India’s economy additional $ 70 billion, translates to 1.9 percent of GDP, in FY2023 versus FY2022. The price of steep crude oil will lead to rigid challenges in higher CAD / GDP form, higher inflation and lower growth.
Additional costs will be borne by the government in the form of lower excise income and higher MSP, households in the form of retail prices of higher petroleum products and companies; However, the company will continue higher fuel costs to households in the end.
The delay in the potential for Iran’s raw returns to the global market, fresh supply disruptions in Libya and advanced sales by foreign investors in Indian equity also reduce sentiment among traders and also keep the domestic currency under pressure. Since October, foreign investors have sold around RS2 trillion.
On the domestic front, participants will oversee the results of the election of the country in five states of Uttar Pradesh, Uttarakhand, Goa, Punjab and Manipur on March 10 on the macroeconomic front, IIP data is scheduled for March 11.
