India Rupee Hits Record Low as Oil Rise Sparks Regional Meltdown

India’s rupee fell to a record low, while stocks and bonds declined amid concerns that rising crude prices — driven by the escalating conflict in the Middle East — may stoke inflation and worsen the country’s widening trade deficit.

The currency fell as much as 0.9% on Wednesday, the most in 10 months, to 92.3050 per dollar, while the 10-year benchmark yield rose five basis points to 6.73%. The Reserve Bank of India intervened after the rupee breached the closely watched 92-per-dollar level, selling dollars to steady the currency, according to people familiar with the matter.