The Indian Rupee hit a record low of 77.49 against the US Dollar on Monday amid high crude oil prices and the ongoing armed conflict between Russia and Ukraine. At the interbank foreign currency market, the Rupee plunged to 77.41 against one US Dollar at the opening of intra-day trade on Monday against a closing exchange rate of INR 76.93 to 1 US Dollar on Sunday.

The Indian Rupee has weakened sharply over the last few months due to a sharp rise in crude oil prices in the international markets. The price of Brent crude oil rose to near USD 130 per barrel in March, the highest level since 2008. Currently, a barrel of Brent crude oil is priced at USD 113.

Due to high crude oil prices, India’s trade and fiscal deficits are expected to rise, and will put increasing pressure on the Indian currency.