Currency Buzz: INR Clocks Impressive Gains As Local Equities Bounce

16 Mar 2022 , 12:12 PM

The Indian Rupee witnessed impressive gains today as firm local equities and a deep correction in crude oil prices in recent days boosted the sentiments. The INR currently quotes up 27 paise at 76.35 per US dollar. The stock markets recorded strong gains today with the benchmark Nifty hitting above 16900 mark as a rally from seven month lows extended. The WTI Crude oil futures have tanked under $100 per barrel on correction action. Oil prices have declined around 30% after hitting 14 year highs. The latest slide seemed to be linked to a sharp spike in COVID-19 cases in China. Falling crude oil is supportive for INR. The Rupee has also come well off its record low against the US dollar. A sharp drop in local daily Covid-19 cases to around two year low is also boosting INR.

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