Rupee sheds 40 paise against US Dollar

28 Feb 2022 , 12:42 PM

The Indian currency tumbled against the greenback on Monday as crude oil price spiked sharply post Russia’s decision to put its nuclear deterrent forces on high alert.

Russian President Putin put forth his decision as the Western forces instigate harsh economic sanctions on the country invading Ukraine over the last week.

The domestic currency is currently trading at a lower point against the US Dollar at 75.48 against its previous closing of 75.08 per US Dollar. Indian rupee moved in the band 75.06-75.84 in today’s trade.

On the international front, crude oil prices soared after Putin’s announcement which hints at a stronger likelihood of further sanctions being imposed on Russia.

Brent Crude futures was 5.18% higher at $99 per barrel. WTI Futures were trading at $96.88, up by 5.78% against its previous closing.

The US Dollar index measuring US currency against a basket of six major rival currencies also remained 0.64% higher at 97.26 points, so far.

Domestically, Indian benchmark indices remained in green. BSE Sensex was trading at 55,876.66 points against its previous closing of 55,858.52 points. Whereas, NSE Nifty was trading at 16,681.80 points so far.