Rupee plummets 102 paise to 75.63 against U.S. dollar amid Ukraine crisis

Riskier assets took a hit after Russia launched military operations against Ukraine

The rupee tanked 102 paise to close at 75.63 (provisional) against the U.S. currency on Thursday as riskier assets took a hit after Russia launched military operations against Ukraine.

Forex traders said sustained foreign fund outflows, heavy selling in domestic equities and elevated crude oil prices weighed on investor sentiment.

At the interbank foreign exchange market, the rupee opened at 75.02 against the American dollar but later dropped to a low of 75.75 against the greenback.

The local unit finally finished at 75.63, down 102 paise from the previous close.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.74% higher at 96.90.

Global oil benchmark Brent crude futures jumped 8.36% to $104.94 per barrel.

"Rupee became the worst performing currency among Asian currencies on back of month-end dollar demand from oil importers. Also, safe-haven dollar demand has surged after Russia attacks on Ukraine fuelled sell-off in risk assets," said Dilip Parmar, Research Analyst, HDFC Securities.