Rupee slips 21 paise to 75.94 against USD as crude oil goes up
Rupee slips 21 paise to 75.94 against USD as crude oil goes up
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On Wednesday, the rupee fell 21 paise to 75.94 against the US dollar, as rising crude oil prices and petroleum pricing hikes by oil marketing corporations stoked inflation and interest rate hike fears.

Forex traders are of view that  the rupee's fall was capped by a robust rebound in local equities. The latest developments in the Russia-Ukraine crisis, as well as the movement of crude oil prices, would continue to dominate forex markets, they said.

The rupee opened high versus the dollar at 75.65 on the interbank foreign currency market, but quickly fell into negative territory as investors unloaded riskier assets. It fluctuated between a high of 75.62 and a low of 75.97 during the session. The local currency ended the day at 75.94 per dollar, down 21 paise from the previous closing.

The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.42 percent to 98.02. Brent crude futures, the global benchmark, rose 1.88 percent to USD 112.30 a barrel.

On Wednesday, domestic oil marketing organisations increased the price of gasoline and diesel by 80 paise per litre, bringing the total increase in rates in the last nine days to 5.60 per litre. This is the seventh price rise since the end of a four-and-a-half-month rate revision break on March 22. According to stock exchange data, foreign institutional investors were net purchasers in the capital market on Tuesday, buying shares worth RS35.47 crore.

Diesel price in Hyderabad crosses Rs 100 per litre-mark

Market closing: Sensex grows 740-pt, Nifty near 17,500

Crude Oil drops on Ukraine peace talks, China demand worries

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