Rupee set to weaken beyond 80 per dollar due to rising crude prices: BofA

India’s rupee may extend declines to a record-low 81 per dollar by year-end due to rising prices of crude and other raw materials, according to Bank of America. 

The currency has already slumped more than 5% this year as Russia’s invasion of Ukraine sent Brent crude surging to almost $140 a barrel in March. The rally in energy prices has worsened India’s external finances as the nation relies on imports to meet about 80% of its oil requirements.   

The rupee has also been pummeled by outflows of about $27 billion from Indian stocks this year, and by