On Friday, the rupee had fallen 21 paise to a nearly seven-week low of 75.36 against the US currency.
On Friday, the rupee had fallen 21 paise to a nearly seven-week low of 75.36 against the US currency.
The rupee fell 20 paise to 75.56 against the US dollar in early trade on Monday amid geopolitical tensions pushing investors towards the greenback’s safe haven.
Forex traders said a softening in the domestic equity market and rise in crude oil prices weighed on the local unit.
At the interbank foreign exchange, the rupee opened at 75.53 against the US dollar, then slipped further to 75.56, recording a fall of 20 paise from the previous close.
On Friday, the rupee fell by 21 paise to a nearly seven-week low of 75.36 against the US currency after rising foreign currency outflows and inflation in the US boosted expectations of an aggressive rate hike by the Federal Reserve against a firmer dollar. Was.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03 per cent to 96.05.
Global oil benchmark Brent crude futures rose 1.09% to $95.47 a barrel.
Sriram Iyer, Senior Research Analyst, Reliance Securities, said, “The US and UK have advised their citizens to leave Ukraine as Russia has gathered enough troops to launch a major offensive near Ukraine. This is a greenback to investors. can push you to a safe haven.”
Additionally, crude oil prices edged higher, while all Asian and emerging market peers made a weak start this Monday and could weigh on sentiments, Iyer said. Is”.
On the domestic equity market front, the 30-share Sensex was trading 1,117.08 points or 1.92% lower at 57,035.84, while the broader NSE Nifty was down 339.95 points or 1.96% at 17,034.80.
Foreign institutional investors remained net buyers in the capital market on Friday as they bought shares worth ₹108.53 crore, according to stock exchange data.
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