Rupee spurts by 22 paise to 7444 against US dollar in early trade
Mumbai Feb 21 PTI The rupee spurted by 22 paise to 7444 in early trade on Monday on softer crude oil prices and revived hopes of a diplomatic solution to the Russia-Ukraine crisis The local currency opened on a strong note at 7451 to a dollar at the interbank foreign exchange market against the previous close of 7466 on Friday The rupee gained further ground to trade at 7444 at 1030 hours supported by benign crude oil prices Reports suggested that the US and Russia have agreed to hold a summit on the Ukraine standoff calming jittery investors The reports also suggested that one of the preconditions for the summit is that Russia would not invade Ukraine raising hopes of a diplomatic solution to the crisis Of late crude oil prices have spurted on fears of supply disruption due to a possible invasion of Ukraine by Russia The Brent Crude on Monday dropped by 034 per cent to USD 9322 per barrel The US dollar index also edged lower by 021 per cent to 9584 Foreign investors remained net sellers in Indian capital markets as they sold equities worth Rs 252996 crore on a net basis on Friday Meanwhile on the domestic equity front the BSE Sensex was trading lower by 39817 points at 5743480 and the NSE Nifty dropped 9320 points to 1718310 in late morning deals PTI MR MKJ
Mumbai Feb 21 PTI The rupee spurted by 22 paise to 7444 in early trade on Monday on softer crude oil prices and revived hopes of a diplomatic solution to the Russia-Ukraine crisis The local currency opened on a strong note at 7451 to a dollar at the interbank foreign exchange market against the previous close of 7466 on Friday The rupee gained further ground to trade at 7444 at 1030 hours supported by benign crude oil prices Reports suggested that the US and Russia have agreed to hold a summit on the Ukraine standoff calming jittery investors The reports also suggested that one of the preconditions for the summit is that Russia would not invade Ukraine raising hopes of a diplomatic solution to the crisis Of late crude oil prices have spurted on fears of supply disruption due to a possible invasion of Ukraine by Russia The Brent Crude on Monday dropped by 034 per cent to USD 9322 per barrel The US dollar index also edged lower by 021 per cent to 9584 Foreign investors remained net sellers in Indian capital markets as they sold equities worth Rs 252996 crore on a net basis on Friday Meanwhile on the domestic equity front the BSE Sensex was trading lower by 39817 points at 5743480 and the NSE Nifty dropped 9320 points to 1718310 in late morning deals PTI MR MKJ
