Rupee Weakens As Dollar Soars To New Two-Decade High On European Energy Crisis

The rupee started Monday on a weak note as the dollar soared to a new two-decade high.

The rupee started Monday on a weak note as the dollar soared to a new two-decade high driven by an energy crisis in Europe after Russia turned off a a gas supply pipeline to the region, leaving the euro near its 20-year trough.

Bloomberg showed the Indian currency was last changing hands at 79.8138 per dollar, compared to its previous close of 79.8025.

On Friday, the rupee ended lower versus the dollar, but closed up 0.1 per cent for the week, its first gain in three.

That suggests more drawdown from the country's forex reserves, which have now fallen to over two-year lows and are down over $80 billion from last year's peak.