Rupee slumps 24 paise to 74.79 against U.S. dollar in early trade
The Hindu
At the interbank foreign exchange, the rupee opened at 74.71 against the U.S. dollar
The rupee declined 24 paise to 74.79 against the U.S. dollar in opening trade on Tuesday, amid weak risk appetite as tensions escalated in the eastern Europe.
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 U.S. dollar, then slipped further to 74.79, registering a decline of 24 paise from the last close.
"Crude oil prices surged higher this Tuesday morning, while most of the Asian and emerging market peers were weaker against the US Dollar as the Ukraine crisis could escalate further," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12% to 96.19.
"The US Dollar started flat to higher this early Tuesday morning in Asian trade, amid safe-haven appeal for the greenback as Russia ordered troops into breakaway parts of eastern Ukraine and the region stood on the brink of war," Mr. Iyer said, adding that non-dollar currencies remained under pressure early Tuesday morning.
Meanwhile, global oil benchmark Brent crude futures jumped 1.42% to $96.74 per barrel.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.
Air India CEO warns of potential flight cuts and reduced travel demand due to rising fuel costs amid ongoing Gulf conflict.
Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
India achieves 1 billion tonne coal production for the second consecutive year, ensuring stable energy supply and economic growth.
Generic drugmakers in India launch affordable Semaglutide versions, targeting a $1 billion diabetes and weight loss market.