Rupee falls steepest in 10 months on geopolitical tensions, higher oil

Rupee falls steepest in 10 months on geopolitical tensions, higher oil

The Indian currency closed at Rs20.62 against the dirham, 42 paise weaker compared to Wednesday's closing of Rs20.20 or 75.65 against the dollar compared with its previous close of 74.56.

NA021018-DS-RUPEE- Indian expats sending money home as Rupee hits all time low since 2015 at the UAE Exchange Karama in Dubai on Tuesday, October 02, 2018. Photo by Dhes Handumon.

Published: Thu 24 Feb 2022, 5:00 PM

The Indian rupee plummeted against the dirham as oil prices surged in the wake of the Russian attack on Ukraine.

The Indian currency closed at Rs20.62 against the dirham, 42 paise weaker compared to Wednesday's closing of Rs20.20 or 75.65 against the dollar compared with its previous close of 74.56. The 1.5 per cent fall was the rupee’s steepest in 10 months.

“The war between Ukraine and Russia has hit the global markets, with panic trade pushing up the prices of gold and oil to record highs. The rupee has suffered on account of this, and although it is hard to predict how long this swing will sustain, we expect the Indian currency to touch 20.73 against the dirham or 76.10 against the dollar this week, ” said a spokesman of LuLu Exchange.

“Surging crude oil prices, persisting foreign