Rupee bolsters against US dollar as oil prices eased

23 Feb 2022 , 12:37 PM

The Indian currency opened on a strong front against the greenback in today’s trade after shedding nearly 37 paise in the last day’s trade.

Rupee gained 25 paise so far in today’s trade at 74.62 per US Dollar against its previous closing of 74.87/$, led by the sharp selloff day before and easing crude oil prices after briefing seven-year high.

Domestic equity markets also lent support to the domestic currency despite low trading volumes. So far in the day, the Indian currency remained between 74.6280-74.6670 against the US Dollar.

In yesterday’s trade, the local unit weakened sharply past the psychologically significant 75 per US Dollar mark.

On the domestic front, Indian domestic equity benchmark BSE Sensex was trading in green at 57,584.99 points gaining 284.31 points against its previous closing of 57,300.68 points. NSE Nifty was trading 80 points higher at 17,172.85 points against its previous closing of 17,092.20 points.

On the International perspective, Brent Crude futures slipped 13 cents, or 0.1% to $96.71 per barrel. Whilst US West Texas Intermediate (WTI) Crude oil future dropped 6 cents and was trading at $91.75 per barrel. Market trader anticipates that oil prices could touch the $100 mark if the Russia-Ukraine situation persists.