Rupee Closes FY22 With Nearly 4% Loss; Fallout Of Ukraine War
NDTV
The rupee closed out the 2021-22 financial year with a loss of over 3.5 per cent, tracking a surge in oil prices from the ongoing Russia-Ukraine war.
The energy-sensitive rupee closed out the 2021-22 financial year with a loss of nearly 4 per cent, tracking a general surge in crude oil prices from the ongoing Russia-Ukraine war.
While the rupee gained to close at 75.67 against the dollar on Thursday, tracking a sharp fall in oil prices, it ended the 2021-22 fiscal year with about a 3.61 per cent loss.
"On Thursday, the rupee rose 14 paise to 75.76 (provisional) against the US dollar, tracking strong Asian rivals and a drop in global crude oil prices. The rupee depreciated by 264 paise, or 3.61 per cent, against the American currency during the fiscal year 2021-22," said Kshitij Purohit, Lead International and Commodities at CapitalVia Global Research.
India's currency has had the most significant impact from the Russia-Ukraine war, as it imports 85 per cent of its oil needs.
