Rupee advances 20 paise against the greenback amidst a slight pullback in oil prices

8 Mar 2022 , 11:42 AM

The Indian currency gained 20 paise in the early morning trade to 76.73 against the greenback as the crude oil prices witnessed a slight pull back, and a fragile dollar added to its strength. However, experts believe that this appreciation in the local currency will be limited if the Russia-Ukraine crisis deepens, posing a higher risk on the market’s appetite and shifting investors to safe-havens.

In the Monday session, the partially convertible Indian rupee tanked to its record low crossing the psychological 77-mark vs the US Dollar as oil prices towered to 14-year highs due to supply constraints amidst the Russia-Ukraine crisis.

At the interbank forex, the domestic currency was last trading at 76.89 per US Dollar after opening at a lower level of 77.02/$.

The US Dollar index weakened marginally by 0.08% and was last seen at 99.22 points against its previous close of 99.29 points.

Globally, Brent Crude futures remained under the existing highs at $127.47, up by 3.41% against its previous close of $123.21 per barrel. While WTI Crude was trading at $121.53, up by 2.13% as compared to its previous closing.

On the Domestic front, broader indices bleed as investors stay cautious of Fed rate hikes betwixt soaring Ukraine crisis. BSE Sensex was trading at 52,462 points, down by 380 points against its previous closing of 52,842.75 points. While NSE Nifty was at 15,713 points against its previous closing of 15,863 points.