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India rupee hits lifetime low, bond yields spike tracking oil
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MUMBAI - The Indian rupee hit a lifetime low in opening deals on Monday as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country's trade and current account deficits.
The partially convertible rupee was trading at 76.92/93 per dollar, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday.
The benchmark 10-year bond yield was trading at 6.86%, up 5 basis points on the day.
Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. [O/R]
