India’s currency, the rupee, hit a new record low against the U.S. dollar on Thursday on the back of rising oil prices, end-month demand for dollars, and concerns about the health of the emerging markets after the Turkey crisis. The rupee slumped to an all-time low of 70.81 against the dollar, beating the previous record low from just yesterday—70.475, for a total 10.97-percent depreciation since the beginning of this year. Rising oil prices and the weakening currency have already created a perfect storm for India, where oil demand growth has been surging, but the higher oil prices are increasing the country’s spending on crude oil imports, which account for 80 percent of Indian oil consumption. As early as in May this year, India’s Petroleum Minister Dharmendra Pradhan pleaded for “ stable and moderate ” prices with Saudi Arabia’s Energy Minister Khalid al-Falih, as Brent Crude prices briefly broke above […]