With Russia continuing to pound Ukraine, the Indian rupee slumped to its lowest since 17 December.

Trading at 76.16 per dollar on Friday even as the Russian forces attacked a nuclear plant in Ukraine, it was weaker than the previous day’s closing at 75.91.

The Indian currency could feel further pressure on the backdrop of energy inflation due to the war in Ukraine as attacker Russia has come under very severe economic sanctions imposed by the US and the European countries.

International commodity prices have seen a surge, especially crude oil. Brent was up 16% after hitting their highest levels in a decade this week.

Since India imports more than two-thirds of its oil needs, its current account deficit and rupee are feeling the heat. Russia is one of the world's biggest exporters of natural gas and crude oil.

The state-owned fuel retailers will need to increase the price by Rs 12.1 per litre on or before March 16, 2022, just to breakeven, analysts said.