The Indian rupee slumped to an all-time low against the US dollar on Thursday as the currency comes under increasing pressure from rising oil prices.

The rupee, Asia's worst performing currency according to Bloomberg News, fell to 69.10 against the greenback in early trade before recovering slightly to 68.93 later.

India is a massive importer of oil, securing more than two-thirds of its needs from abroad.

A surge in oil prices over the past year to around $78 a barrel has meant more rupees are needed to purchase crude.

This has put pressure on the Indian currency, making it less appealing to investors who are betting less on the emerging markets as a whole.

That has contributed to a widening of India's current account deficit — when the value of imports exceeds the value of exports.

The strong dollar is affecting the value of currencies across Asia.

On Thursday, Indonesia's rupiah fell to the lowest level since October 2015.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...