- The Indian rupee hit a record low, falling below Rs 96 per US dollar during volatile trade
- State-owned firms raised petrol and diesel prices by Rs 3 per litre due to rising crude costs
- PM Modi urged fuel conservation and forex savings, promoting work-from-home and virtual meetings
India's financial markets faced pressure this week as the rupee slipped past the Rs 96-per-dollar mark for the first time, fuel prices rose and equities logged steep losses amid concerns over oil prices and foreign fund outflows.
The week also saw Prime Minister Narendra Modi call for steps to reduce fuel use and contain forex outflows.
Here are the top developments that shaped the week.
Rupee Falls Below 96 Per Dollar
The Indian rupee touched a record low on Friday, breaching the Rs 96-per-dollar level against the US currency.
Persistent foreign portfolio investor outflows and higher oil import costs pushed the currency below the psychological mark during volatile trade.
ALSO READ: Rupee Breaches 96 Per Dollar Mark To Reach Record Low
Fuel Prices Raised By Rs 3 Per Litre
State-owned oil marketing companies raised petrol and diesel prices by Rs 3 per litre from Friday.
The increase came as companies faced pressure from rising international crude oil prices and widening under-recoveries.
Modi Calls For Forex, Energy Savings
Prime Minister Narendra Modi urged companies and citizens to reduce fuel consumption and conserve foreign exchange in a public address during the week.
He called for work-from-home measures and virtual meetings to reduce fuel use. He also asked people to defer non-essential overseas travel and destination weddings.
Modi further urged citizens to postpone physical gold purchases for at least one year to help reduce the import bill.
Sensex Drops Nearly 2,000 Points From Weekly High
Domestic equity markets saw sharp swings through the week, with benchmark indices falling out of recent trading ranges.
The BSE Sensex fell more than 1,450 points in a single mid-week session. Across the week, the index declined nearly 2,000 points from its high to low levels.
The Nifty 50 also slipped below the 23,400 mark before recovering partially in volatile trade by Friday's close.
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