The Indian rupee tumbled to a record low, while stocks and bonds also slumped as a relentless surge in oil prices darkened the nation’s economic outlook. India relies on overseas purchases to meet about three-fourths of its oil requirement, making it one of the most vulnerable in Asia to higher Crude prices. Oil prices, already up more than 60% this year, may worsen price pressures, hurt the nation’s finances and upend a nascent economic recovery. “For decades now, crude has remained the number one risk for India given its high dependence on the imported fuel,” said Srinivas Rao Ravuri, chief investment officer at PGIM India Asset Management Pvt. “The escalating geopolitical tensions, crude and the imminent Fed hike have impacted investor sentiment toward emerging markets, especially India, which until recently was trading at premium valuations to its peers.” The rupee declined as much as 1.1% to 76.9812 per dollar […]