Rupee crosses 77-mark vs US Dollar as crude oil prices surge to 14-year high

7 Mar 2022 , 12:47 PM

The Domestic c

urrency cracked on Monday and crossed the psychological 77 mark against the US Dollar as the ongoing conflicts between Ukraine and Russia towered the oil prices to their 14-year high, bolstering higher domestic inflation concerns and a widening current account deficit.

The local currency was currently trading at 76.98 against the greenback. However, during the day so far it moved between 76.7600-77.0300 per US Dollar.

A bordering strength in the US Dollar index also dragged the rupee lower. It was the last trading at 98.88 points, up by 0.23% against its previous closing of 98.65 points.

International crude oil prices elevated to the highest levels since 2008 and crossed the $140 mark, gaining more than 6% as the US and its European allies propose a ban on Russian Oil imports.

Global crude oil benchmark, Brent Crude futures were trading at $128.49, gaining 8.75% against its previous close of $118.11. WTI Crude oil future was trading at $125.81, up by 9.33%.

On the Domestic front, broader indices blood bathed amidst the Russia-Ukraine crisis. BSE Sensex was trading at 53,099.72 points, down by 1234 points against its previous closing of 54,333.81 points. NSE Nifty was 332 points down at 15,913 points against the previous closing of 16,245 points.