Crude drives rupee lower, bond yields spurt
The Hindu
Currency at lowest since July 2020
Indian bond yields hit their highest levels in almost 18 months while the rupee fell to its lowest level since July 2020 as the sharp rise in global oil prices raised concerns about its impact on domestic inflation.
India imports 80% of its oil needs and high prices result in increased imported inflation. “The rally in crude is ongoing and until we see some respite, rupee and bonds will remain under pressure. It needs to be seen if the RBI comes in to protect the rupee or not,” said a senior dealer with a private bank. The rupee ended at 75.36 per dollar after touching 75.39 during the day.
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