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A sharp correction in crude oil prices in the past few days, however, has been a breather for the local currency.
The rupee depreciated following risk-averse sentiments and weaker regional currencies.
The dip in prices is likely to be temporary, economists say, as a heatwave in June has pushed up prices of vegetables, while the govt cut estimates of wheat production due to dry spells in northern India.
On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar.
LIC now has a market value of around Rs 5.54 lakh crore rupees ($71.54 billion) and is India's fifth-biggest company.
The local currency also touched its record intra-day low of 77.63 to a dollar as losses in domestic stocks, concerns over weak growth, and persistent forex outflows negated the impact of a fall in crude oil prices.
Forex traders said risk appetite has weakened amid rising bond yields in the US and mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.
Punjab won 4-0 to inflict a third loss on Rajasthan in the competition.
Though Skoda has been in India for more than two decades this is the first time it is producing a car for the market.
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.