Rupee slumps 31 paise to close at 74.86 against US dollar

At the interbank foreign exchange, the rupee opened at 74.71 against the American dollar but later dropped to a low of 74.99 against the greenback.

Published: 22nd February 2022 04:26 PM  |   Last Updated: 22nd February 2022 04:26 PM   |  A+A-

currency, INR, rupee

Image used for representational purposes


MUMBAI: The rupee depreciated by 31 paise to 74.86 (provisional) against the US currency on Tuesday as riskier assets took a hit amid deepening geopolitical tensions. Forex traders said sustained foreign fund outflows, a lacklustre trend in domestic equities and elevated crude oil prices weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 74.71 against the American dollar but later dropped to a low of 74.99 against the greenback.The local unit was quoted at 74.86 at close, down 31 paise from the previous close.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 96.03.

"The rupee has glided lower by around 0.50 per cent amid mounting tensions between Russia and Ukraine, which has hurt the risk sentiments in the markets and led to significant outflows," said Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd.

Besides, crude prices have soared to seven-year highs due to lingering supply worries, which is dragging down the Indian rupee, Sachdeva added.Global oil benchmark Brent crude futures jumped 3.56 per cent to USD 98.79 per barrel.

"As of now, the dollar looks to remain well bid, owing to its safe-haven appeal in a backdrop of heightened geopolitical risks.This shall keep the Indian rupee under pressure in the near-term.

We envisage near-term support at the 75 mark for the domestic unit, a breach of which shall lead to further depreciation for the rupee-dollar exchange rate," Sachdeva said.

On the domestic equity market front, the 30-share Sensex ended 382.91 points or 0.66 per cent lower at 57,300.68, while the broader NSE Nifty settled down 114.45 points or 0.67 per cent at 17,092.20. Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 2,261.90 crore, as per stock exchange data.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp