Russia is a top oil producer and prices have risen as global supplies continue to be threatened by the conflict
Russia is a top oil producer and prices have risen as global supplies continue to be threatened by the conflict
The rupee fell 11 paise to 76.05 against the US dollar in opening trade on March 4, following the rise in international crude prices amid the deepening conflict between Russia and Ukraine.
Unabated foreign capital outflows and a weak trend in domestic stocks also weighed on investor sentiment, forex traders said.
On the interbank foreign exchange exchange, the rupee opened weak at 76.06 against the US dollar, then edged up to 76.05, down 11 paise from the last close.
On March 3, the rupee settled at 75.94 against the US dollar.
Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.14% to 97.92.
Meanwhile, global oil benchmark Brent crude futures rose 2 percent to $112.67 a barrel.
The Russia-Ukraine crisis has been the main focus 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.
On the domestic stockmarket front, the 30-stock Sensex was down 964.99 points, or 1.75%, to 54,137.69, while the broader NSE Nifty fell 277.75 points, or 1.68%, to 16,220.30.
Foreign institutional investors remained net sellers in the capital market on Thursday, selling 6,644.65 crore of shares, according to stock market data.
