NEW DELHI – The Indian Rupee slumped to an all-time low against the USdollar on Thursday as the currency comes under increasing pressure fromrising oil prices.

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

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

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

This has put pressure on the Indian currency, making it less appealing toinvestors 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 October2015. – APP/AFP