Mumbai: The rupee on Thursday fell 102 paise to close at 75.63 (provisional) against the US currency at the forex market, impacted by the demand for riskier assets after the start of Russia’s military operation against Ukraine. Traders said the continued outflow of foreign exchange, heavy selling in domestic equity markets, and rise in crude oil prices weighed on investor sentiments.
The rupee went down to Rs 75.75 after opening at 75.02 per dollar in the interbank foreign exchange market. The rupee finally closed with a strong fall of 102 paise at 75.63 per dollar. Meanwhile, the dollar index, which shows the trend of the dollar against the six currencies, rose 0.74 percent to 96.90. Brent crude, considered the global benchmark, rose 8.36 percent to $104.94 per barrel.
Dilip Parmar, Research Analyst, HDFC Securities said, “The rupee was the worst-performing currency among Asian currencies on the back of month-end dollar demand from oil importers. At the same time, after Russia’s attack on Ukraine, there has been an increase in dollar demand for investment in safe assets. The 30-share Sensex of the Bombay Stock Exchange closed at 54,529.91 points, down 2,702.15 points. According to the stock market data, foreign institutional investors remained net sellers in the capital market. He sold shares worth Rs 3,417.16 crore on Wednesday.
