Business Standard

Rupee recovers losses to end flat at 75.33 on signs of Russia-Ukraine talks

The Russian currency ruble tanked about 30 per cent against the US dollar on Monday after Western nations imposed stricter sanctions on Russia

Photo: Brent Lewin/Bloomberg

Press Trust of India Mumbai
The rupee recovered from early lows to close flat at 75.33 against the US dollar on Monday in line with the firm domestic equity market and signs of talks between Ukraine and Russia.
Sustained foreign capital outflows and rising crude oil prices amid war between Ukraine and Russia are weighing on the local currency, analysts said.
At the interbank foreign exchange market, the rupee opened weak at 75.73 against the US dollar. However, it recovered losses to close flat at 75.33 against the greenback.
"Rupee traded very weak near 75.75 on the opening trade as the geopolitical tension escalation went one step higher on back of Belarus supporting Russians. But signs of talks between Russia and Ukraine at the Belarus border supported the rupee and the rupee started covering the lost ground," Jateen Trivedi, Senior Research Analyst at LKP Securities, said.
The Russian currency ruble tanked about 30 per cent against the US dollar on Monday after Western nations imposed stricter sanctions on Russia.
Western countries announced moves to block some Russian banks from the SWIFT international payment system and to restrict Russia's use of its massive foreign currency reserves.
Later, Russia's central bank announced measures to support its falling currency. Meanwhile, reports quoted Biden administration officials saying that Germany, France, the UK, Italy, Japan, European Union and others will join the U.S. in targeting the Russian central bank.
Global oil benchmark Brent crude futures jumped 5.46 per cent to USD 103.28 per barrel amid war in Ukraine.
On the domestic equity market front, the 30-share Sensex ended 388.76 points or 0.70 per cent higher at 56,247.28, while the broader NSE Nifty rose 135.50 points or 0.81 per cent to close at 16,793.90.
Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 4,470.70 crore, as per stock exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 28 2022 | 8:40 PM IST

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