The Indian currency dipped sharply in today’s trade against the US Dollar as the tension between Russia and Ukraine builds up. Oil prices have soared sharply reducing the domestic market’s risk appetite.
The Indian rupee was currently trading at 74.95 per US Dollar, shedding 43 paise so far against the previous closing of 74.51 per US Dollar.
Meanwhile, investors stay cautious ahead of Russia invading Ukraine after Putin instated troops in the eastern Ukraine region.
The US Dollar index strengthened 0.13% at 96.21 points.
International crude oil prices jumped to their seven-year highs as investors angst potentially larger set of Western sanctions being imposed on Russia. Brent Crude inched near 1.6% to trade at $96.94 per barrel in today’s trade, briefing seven-year highs.
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