The rupee pares losses to settle flat at 76.18 against the US dollar

The rupee pared its initial losses and was unchanged at 76.18 (prelim) against the US currency on March 22, following a positive trend in domestic equities.

On the interbank foreign exchange exchange, the rupee opened significantly lower at 76.39 against the US dollar. However, it recouped all of its losses to close at 76.18.

For the day, the local entity saw strong volatility amid global oil supply concerns, posting a daily high of 76.10 and a low of 76.48.

On Monday, the rupee fell 34 paise to close at 76.18 against the US dollar.

Experts believe that volatility will continue until the war situation between Russia and Ukraine and crude oil prices stabilize.

Global oil benchmark Brent crude futures fell 1.50% to $113.18 a barrel.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.25% to 98.74.

On the domestic stock market front, the 30-stock Sensex finished 696.81 points, or 1.22%, higher at 57,989.30, while the broader NSE Nifty was up 197.90 points, or 1.16%, to 17,315.50.

Foreign institutional investors remained net sellers in the capital market on Monday, selling 2,962.12 crore of shares, according to stock market data.

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