Rupee slides towards record low as oil firms seek dollars

Stocks fell heavily as oil jumped 4% after reports said producer club OPEC+ was considering slashing output to support a recent downturn in prices."A significant surge in crude oil prices is leading to a lot of dollar demand by oil importers (in India) and that is weighing on the domestic currency," said Sugandha Sachdeva, VP of commodity and currency research at Religare Broking.