Muristek
New Delhi, March 7
Sliding for the fourth straight session, the rupee tanked 76 paise to close at 76.93 on Monday, after touching its lifetime low of 77 against the US dollar, as crude oil prices climbed to multi-year highs amid the Russia-Ukraine crisis.
This has led to heightened concerns about inflation and wider trade deficits. Brent crude futures also rose further 6.55% to $125.85 per barrel.
Lifetime low
Sliding for the fourth straight session, the rupee tanked 76 paise to close at 76.93, after touching its lifetime low of 77 versus $Sustained foreign fund outflows and a lacklustre trend in domestic equities also weighed on investor sentiment, forex traders saidThe stock market also continued its precipitous fall with Sensex plunging nearly 1,500 points to settle at 52,842.75 and Nifty dropping 382 points to finish at 15,863.15. Foreign institutional investors were net sellers on Friday as they offloaded shares worth Rs 7,631.02 crore, according to stock exchange data.
SENSEX PLUNGES 1,491.06 POINTS
BRENT FUTURES RISES TO $126
CLOSES AT 52,842.75
NSE Nifty tanked 382.20 points to finish at 15,863.15IndusInd Bank, Axis Bank, Maruti, Bajaj Finance amp; Bajaj Finserv were major losersThe rupee fell to 76.93 against the US dollar on Monday as intensifying geopolitical risks compelled investors to put their faith in the American currency. On Friday, the rupee had fallen by 23 paise to close at 76.17. "The rupee has plummeted to a lifetime low against the dollar as the deepening Russia-Ukraine conflict has sapped risk appetite in the market while prompting safe-haven flows into the US dollar," said Sugandha Sachdeva of Religare Broking.
West Texas Intermediate crude futures was at $130.50 per barrel on Sunday while Brent crude hit $139.13. The Indian basket of crude oil rose above $111 per barrel on March 1, according to the Petroleum Planning and Analysis Cell. The current pump prices are based on the assumption that crude is at $81.5 per barrel.