Rupee pares losses to settle flat at 76.18 against U.S. dollar

The rupee pared its initial losses to settle flat at 76.18 (provisional) against the American currency on March 22, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened sharply lower at 76.39 against the U.S. dollar. However, it recovered all its losses to closed at 76.18.

During the day, the local unit witnessed heavy volatility amid concerns over global oil supplies and saw an intra-day high of 76.10 and a low of 76.48.

On Monday, the rupee slumped 34 paise to close at 76.18 against the U.S. dollar.

Experts believe the volatility will persist till the war situation between Russia and Ukraine and crude price stabilise.

Global oil benchmark Brent crude futures fell 1.50% to $113.18 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.25% to 98.74.