India’s Rupee Trims Losses After Record Low as Oil Rally Fades

India’s rupee slid to a record low on Thursday as a surge in crude prices rattled markets, before paring most of its losses after oil retreated from a four-year high.

The currency closed at 94.92 per dollar, recouping most losses after sliding as much as 0.5% to 95.3337 earlier in the day, breaching its previous low of 95.1250 hit in late March. The rupee has now erased all gains fueled by the central bank’s crackdown on speculative bets. The 10-year bond yield rose two basis points to 7.02%.