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Amid Ukraine Crisis, Rupee Slumps 84 Paise To Lifetime Low Of 77.01 Against US Dollar
Writer: Devyani Madaik
A media enthusiast, Devyani believes in learning on the job and there is nothing off limits when it comes to work. Writing is her passion and she is always ready for a debate as well.
India, 8 March 2022 12:55 PM GMT
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A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Creatives : Devyani Madaik
A media enthusiast, Devyani believes in learning on the job and there is nothing off limits when it comes to work. Writing is her passion and she is always ready for a debate as well.
The rupee opened at 76.85 against the Dollar but settled at a record low of 77.01, down 84 paise from the previous close. Last week, it fell by 23 paise to close at 76, the lowest closing level since December 15, 2021.
The rupee has tanked 84 paise to close at its all-time low of 77.01 (provisional) against the U.S. dollar on Monday, March 7, amid the intensified geopolitical risks of the Russia-Ukraine conflict. The crude oil prices have also peaked highest since 2008.
All-Time Low
The rupee opened at 76.85 against the Dollar but settled at a record low of 77.01, down 84 paise from the previous close. Last week, it fell by 23 paise to close at 76, the lowest closing level since December 15, 2021.
Stock Exchanges Down
Both blue-chip NSE Nifty 50 index slumped 2.35 per cent of 382.20 points to 15,863.15 at the close, whereas the S&P BSE Sensex dropped 2.74 per cent or 1,491.06 to 52,842.75. Both the indexes had fallen over 3 per cent.
Experts said the conflict between Russia and Ukraine had heightened worries about domestic inflation and broader trade deficits.
Rupee Skewed Towards Downside
"The Indian rupee has tanked to a lifetime low as the deepening Russia-Ukraine conflict has sapped risk appetite in the market and has prompted profit to the dollar," The Indian Express quoted Sugandha Sachdeva, Vice President, Commodity and Currency Research, Religare Broking Ltd.
Sachdeva said the situation for the Indian rupee is skewed towards the downside, and 'a convincing close' below the 77 mark would pave the way for further downside towards the 77.50 mark in future. "This happens while we envisage the local currency to test the 79 mark from a medium-term perspective," she added.
Also Read: Rejected By Indian Army, 21-Yr-Old TN Man Joins Ukrainian Force To Fight Against Russia
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