Rupee Hits Lifetime-Low Of 76.96

Monday, 7 March 2022newsdesk

The energy-sensitive rupee hit a lifetime low in early trading on Monday as a sharp surge in global crude oil prices to above $130 threatened to push up imported inflation and widen the country's trade and current account deficits.

New Delhi, 07 March 2022

As per news report of NDTV, the rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever. On Friday, the currency fell to close at 76.17 against the US dollar, its lowest closing level since December 15, 2021. The rupee has declined against the US dollar as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to the greenback's safe-haven appeal.The yen and the dollar were trading stronger as investors moved towards safe-haven assets. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.29 per cent to 98.93 in early Monday trade. Forex traders said escalating tensions between Russia and Ukraine kept crude oil prices elevated and heightened worries about domestic inflation and broader trade deficits.

Source - NDTV