The rupee falls 81 paise to 76.98 against the US dollar in early trade

On Friday, the rupee fell 23 paise to close at 76.17 against the US dollar, its lowest close since December 15, 2021.

On Friday, the rupee fell 23 paise to close at 76.17 against the US dollar, its lowest close since December 15, 2021.

The rupee fell 81 paises to 76.98 against the US dollar on Monday as rising geopolitical risks stemming from the Russia-Ukraine conflict pushed investors to the greenback’s safe haven.

Forex traders said escalating tensions between Russia and Ukraine kept crude oil prices high and fueled concerns about domestic inflation and wider trade deficits.

In addition, continued outflows of foreign funds and a lackluster performance in domestic equities weighed on investor sentiment.

On the interbank foreign exchange exchange, the rupee opened at 76.85 against the US dollar, then slipped further to 76.98, down 81 paise from the last close.

On Friday, the rupee fell 23 paise to close at 76.17 against the US dollar, its lowest close since December 15, 2021.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.29% to 98.93.

Meanwhile, global oil benchmark Brent crude futures rose 9.38% to $129.19 a barrel.

The Indian rupee started weak this Monday morning as the dollar rose this morning along with crude oil, said Sriram Iyer, a senior research analyst at Reliance Securities.

Mr Iyer added that the Reserve Bank of India (RBI) may be present to curb volatility.

The US dollar and yen are trading stronger this Monday morning in Asian trading as investors moved towards safe havens, Mr Iyer noted.

On the domestic stock market front, the 30-piece Sensex traded 1,682.92 points, or 3.10%, lower to 52,650.89, while the broader NSE Nifty slipped 459.95 points, or 2.83%, to 15,785.40.

Foreign institutional investors remained net sellers in the capital market on Friday, selling 7,631.02 crore of shares, according to stock market data.

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