The rupee slid for the fourth straight session on Monday, according to Indian media reports.
The international brent crude oil prices are currently hovering around $126 per barrel. The prices soared as the US is mulling over imposing sanctions on Russian oil.
Meanwhile, Germany is reluctant to ban Russian oil and energy. “Europe deliberately exempted energy supplies from Russia from sanctions. There is currently no other way of securing Europe's supply of energy for heat generation, for mobility, for power supply and for industry. It is therefore of essential importance for services of general interest and the daily life of our citizens,” chancellor of Germany Olaf Scholz said in a statement on Monday.
“The federal government has been working with its partners within the European Union and beyond for months to develop alternatives to Russian energy. But that doesn't happen overnight. It is therefore a conscious decision on our part to continue the activities of business enterprises in the field of energy supply with Russia,” Scholz added.
ALCHEMPro News Desk (KD)
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