Rupee crosses 76 mark against greenback as oil prices shoots up

4 Mar 2022 , 01:34 PM

The Indian currency dipped further this week to cross the less anticipated 76 mark against the US Dollar as the conflicts between the Russia-Ukraine elevated severely pushing up the oil prices to relentless highs.

India’s trade deficit and inflation outlook are worsening amidst this gripping crisis between Russia and Ukraine.

The local currency was last trading at 76.16/$ against its previous closing of 75.91 per US Dollar. So far in the day, it has bounced between the 75.94-76.16/$ mark.

On the international front, Oil prices are towering as the Western nations have slapped slaughtering sanctions on Russia following its invasion of Ukraine last week. Brent Crude futures crossed near-decade’s high and were last at $112.19 after touching as much as $113.88 per barrel, up by 1.51% against its previous closing. However, it is anticipated that Oil prices may jump off the $114 per barrel mark soon.

US Dollar index strengthened throughout this week and was trading 0.29% higher at 98.07 points.

On the domestic front, broader indices tumbled in the morning trade. However, regained some consciousness in the afternoon trade. BSE Sensex was trading at 54,892.24 points, down by 0.38% against its previous closing of 55,102.68 points. While NSE Nifty was trading at 16,426 points, down by 0.43% against its previous closing of 16,498 points.