Rupee collapses 22 paise and breaks 76 level against US dollar

The rupee finally settled at 76.16 against the dollar, down 22 paise from the previous close

The rupee finally settled at 76.16 against the dollar, down 22 paise from the previous close

The rupee fell 22 paises against the US dollar on Friday to close at 76.16 (prelim) as investors assessed the global economic impact of the Russia-Ukraine conflict amid rising crude prices.

Continued outflows of foreign funds and a weak trend in domestic stocks weighed on the local entity, forex traders said.

In the interbank FX market, the rupee opened weak at 76.06 against the US dollar and continued to fall during the session as investors shed riskier assets. The domestic unit oscillated between a high of 75.99 and a low of 76.22 during the session.

The rupee finally settled at 76.16 against the dollar, down 22 paise from the previous close.

Meanwhile, the US Dollar Index, which measures the dollar’s strength against the six-currency basket, fell 0.27% to 98.05.

Brent crude futures, the global oil benchmark, fell 0.80 percent to $111.34 a barrel.

The Russia-Ukraine crisis remains the top theme for investors this week as they assess its global economic impact. Russia is a top oil producer and prices have risen as global supplies continue to be threatened by the conflict.

International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday, before slipping slightly to $111 on Friday.

On the domestic stock market front, the BSE Sensex closed 768.87 points, or 1.40 percent, lower at 54,333.81, while the broader NSE Nifty fell 252.70 points, or 1.53%, to 16,245.35.

Foreign institutional investors remained net sellers in the capital market on Thursday, selling 6,644.65 crore of shares, according to stock market data.

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