Indian rupee weakened against the US dollar on Monday amid sharp surge in global crude oil prices threatened to push up imported inflation and widen the country's trade and current account deficits. Oil prices soared more than 6%, touching their highest since 2008 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. Sentiments were also dented as foreign portfolio investors (FPIs) pulled out as much as Rs 17,537 crore from the Indian markets in just three trading sessions of March as investors' sentiment got dented by the uncertainty triggered by the Russia-Ukraine conflict and rising crude oil prices. On the global front, euro tumbled to a fresh 22-month low on the dollar as war in Ukraine sent oil prices spiking and stoked fears of a stagflationary shock that could hammer Europe.
The partially convertible currency is currently trading at 76.90, weaker by 73 paise from its previous close of 76.17 on Friday. The currency touched a high and low of 76.98 and 75.79 respectively.
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