Rupee advances 22 paise against the US Dollar as domestic equities breathe a sigh of relief

9 Mar 2022 , 12:46 PM

The domestic currency gained 22 paise to 76.78 mark against the greenback in early morning trade as the US Dollar slipped amidst a slight rebound in domestic equities. However, it washed up some of its early morning gains soon and was trading at the 76.84 per dollar mark in the noon trade, remaining with a gain of 16 paise.

The local currency remained volatile yet another day during this week, and experts believe that the rupee will remain range-bound with higher volatility as the ongoing Russia-Ukraine conflicts deepen.

The US Dollar index remained in a dim tone today shedding 0.09% so far in the day and was last seen at 98.97 points.

Experts anticipate an 80 per dollar mark for partially convertible Indian rupee as the oil prices rally after the US slapped a ban on Russian energy products.

Global crude oil benchmark Brent Crude was trading 1% higher at $130.77 per barrel. Over the last month, Oil prices have soared nearly 36% owing to global supply constraints.

Domestically, Indian benchmark indices took a breather after a wide splash this week as oil prices show some stability. BSE Sensex was at 54,303.16 points, 1.65%or 879 points higher than its previous closing of 53,424.09 points. NSE Nifty was at 16,426.75 points, up by 233 points or 1.46% against its previous closing of 16,013.45 points.