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Russia-Ukraine crisis: Indian rupee slumps against UAE dirham, stocks plunge

Forex traders in India said sustained foreign fund outflows and elevated crude oil prices weighed on investor sentiment



by

A Staff Reporter

Published: Thu 24 Feb 2022, 10:56 AM

The Indian rupee declined 55 paise to 75.16 against the US dollar (20.47 against the UAE dirham) in opening trade on Thursday, amid a weak risk appetite after Russian President Vladimir Putin announced a military operation in Ukraine.

Forex traders in India said sustained foreign fund outflows, a lacklustre trend in domestic equities and elevated crude oil prices weighed on investor sentiment.

At the Indian interbank foreign exchange, the rupee opened at 75.02 against the US dollar, then slipped further to 75.16, registering a decline of 55 paise from the last close.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.59 per cent to 96.75.

Global oil benchmark Brent crude futures jumped 4.67 per cent to $101.36 per barrel.

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Russian President Vladimir Putin on Thursday announced a military operation in Ukraine. In a televised address, Putin said the responsibility for the bloodshed lies with the Ukrainian "regime".

Putin warned other countries that any attempt to interfere with the Russian action would lead to "consequences they have never seen".

Meanwhile, US President Joe Biden has warned that the world will hold Russia accountable for the death and destruction due to the "unprovoked" and "unjustified" attack on Ukraine and the US and its allies will respond in a "united and decisive" way.

On the Indian equity market front, the 30-share Sensex tanked 1,587.52 points or 2.77 per cent to trade at 55,644.54 while the broader NSE Nifty crashed 468.25 points, or 2.74 per cent, to 16,595.00.

(With inputs from PTI)


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