Rupee remains sluggish against US Dollar as oil prices elevates

The rupee fell sharply against the US Dollar on Monday as global oil prices jumped amidst a breather in war signs between Russia and Ukraine.

The local currency touched a two-week high vs the US Dollar in its last trade on Thursday as the US Federal Reserve’s policy statement did not muddle investors’ sentiment.

The Fed hiked interest rates in the US Economy for the first time in 2018 and is signaling another interest hike in 2022 to cope with the ongoing inflation in the world’s largest economy.

The Indian currency was last seen at 76.12 per US Dollar against its previous close of 75.79/$. The Indian Currency moved in a band of 76.0104 – 76.3501 so far in today’s trade.

US Dollar index was last seen at 98.28 points, 0.05% higher against the previous close of 98.23 points.

However, as war softened between Russia and Ukraine, traders’ sentiment for the Indian currency weakened.

On the international front, Brent Crude oil prices gained nearly $2 as Ukrainian forces held stable ground against the Russian attacks. Brent Crude Oil’s future was trading at $111.66, 3.73% higher against its previous closing of $107.93 per barrel.

Domestically, Indian benchmark indices also struggled amidst the global slowdown. BSE Sensex was trading at 57,351, down by 0.89% against its previous closing of 57,864 points. NSE Nifty also tumbled 0.85% at 17,139.50 points against 17,287 points at the previous close.