(Bloomberg) -- The Reserve Bank of India is once again seeking to defend its currency when the Federal Reserve is tightening.Most Read from BloombergDon’t Bother Paying Off Student Loan Debt Right Now, Advisers SayBiden Team Sees China Tilt Aided as Putin Falters in UkraineMarcos Jr. Leads With 61% of Votes Counted: Philippines UpdateStocks Bounce Back in Countdown to Key CPI Data: Markets WrapChina Risks 1.6 Million Deaths in Virus ‘Tsunami’ If Covid Zero Is Abandoned: StudyThis time though, an
The Indian rupee dropped on Monday to its lowest in nearly a month against the dollar, tracking losses in the stock market and weighed by sharp gains in global crude oil prices, while bond yields pulled back from session highs on short-covering. Oil prices climbed to their highest in nearly three weeks as fears over tight global supply grew, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia. India imports more than two-thirds of its oil requirements and rising prices tend to push up imported inflation and widen the country's trade and current account deficits.
Indian state fuel retailers will raise petrol and diesel pump prices by 0.8 rupees ($0.0105) per litre from Tuesday, the first increase since November, two dealers told Reuters late on Monday. The dealers, who declined to identified, said they had received information from oil companies about the retail price for Tuesday. India's three state-run fuel retailers - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - dominate fuel retailing in India, and tend to move their prices together.