Rupee slips 70 paise against US Dollar as Russia-Ukraine conflicts intensifies

24 Feb 2022 , 12:00 PM

On Thursday, the Indian rupee crossed the psychological 75 mark against the greenback owing to a surge in oil prices to a seven-year high post Russia’s announcement of military operation in Ukraine.

The local currency was trading at 75.26 per US Dollar against its previous closing of 74.55/$, shedding near 70 paise so far in today’s trade. The rupee remained in the band of 74.6860-75.2600/$1 so far in the day.

Meanwhile, crude oil prices towered on the view that global supplies will be impeded due to the sanctions levied on Moscow by the Western Powers. While Russia’s move signals a full-blown conflict in Europe.

On the international front, Brent Crude oil prices crossed the $100 mark and was last trading at $101.90 per barrel, up by 4.47% since its previous closing of $97.54 per barrel, the highest in seven years. WTI Crude oil prices hit $95.54 per barrel in today’s trade.

US Dollar index strengthened in today’s trade at 96.53 points, up by 0.36% amidst the rising Ukraine crisis.

Domestic equity index BSE Sensex bleeds 1600 points (-2.79%) today and was last trading at 55,635.48 points against its previous closing of 57,232.06 points. Whilst the NSE Nifty sheds 491 points so far in today’s trade at 16,571.45 points against previous closing of 17,063.25 points.