India’s rupee may extend its decline to a record low of 81 per USD by year-end due to the rising prices of crude oil and other raw materials. The rupee has already slumped more than 5% this year as Russia’s war on Ukraine sent Brent crude oil surging to almost $140 per barrel in March. The rally in energy prices worsened India’s external finances as the nation relies on imports to meet 80% of its oil requirements.