Rupee slides to all-time closing low of 92.35

THE rupee fell to an all-time closing low of 92.35 against the greenback on Monday, shedding 53 paise or about 0.70% as crude global prices skyrocketed 29% earlier in the day to near $120a barrel, coupled with a strengthening dollar amid the worsening conflict in West Asia.

- BENN KOCHUVEEDAN @ Mumbai

Though crude retreated later in the day on talks of G7 countries planning to release reserve oils to the global market to ease supply curbs, it brought no respite to the currency.

For the rupee, the previous worst was on March 4 when it had for the first time plumbed 92 levels, touching 92.32 intraday. The rupee had lost 18 paise on Friday to close at 91.82. The latest loss leaves rupee down by 3.2% this year on the back of 4.9% shave off last year and remains the worst Asian unit for the second year in row.