Rupee Falls to a New All-Time Low of 77.69 Against US Dollar as Oil Prices Surge

The Indian rupee weakened to a new all-time low of 77.69 against the dollar on Tuesday, 17 May, as oil prices surged to near highest level in almost eight weeks.

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The Indian rupee weakened to a new all-time low of 77.69 against the dollar on Tuesday, 17 May, as oil prices surged to near an almost eight-week high.

The rupee fell 14 paise to 77.69 against the US dollar in early trade on Tuesday.

The previous record low of 77.50 was recorded on Thursday.

The currency had recovered to end at 77.31 on Friday after the Reserve Bank of India (RBI) intervened in the open market to check losses.

The foreign exchange market in India was shut on Monday because of the Buddha Purnima.

Brent crude futures were trading above $114 a barrel on Tuesday after a sharp surge over the past few days. The crude oil benchmark gained more than 2 percent on Monday and saw a 4 percent jump on Friday.

Oil prices have increased by more than 50 percent this year as the war in Europe tightened supplies, while demand outside of China also picked up.

The rupee had previously breached 77 against the dollar for the first time, earlier this March.

Indian share markets were trading slightly higher with all eyes on the listing of state-run Life Insurance Corporation, the country's biggest IPO, set for later in the session.

Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.

(With inputs from NDTV and Mint.)