Rupee slumps 22 paise, breaches 76-mark against US dollar

The rupee finally settled at 76.16 against the dollar, down 22 paise from the previous close

The rupee slumped 22 paise to close at 76.16 (provisional) against the US dollar on Friday as investors assessed the global economic impact of the Russia-Ukraine conflict amid rising crude oil prices.

Persistent foreign fund outflows and a weak trend in domestic equities too weighed on the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened weak at 76.06 against the American dollar and fell further during the session as investors moved away from riskier assets. The domestic unit oscillated between a high of 75.99 and a low of 76.22 during the session.

The rupee finally settled at 76.16 against the dollar, down 22 paise from the previous close.

Meanwhile, the US dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.27% to 98.05.

Brent crude futures, the global oil benchmark, fell 0.80 per cent to USD 111.34 per barrel.

The Russia-Ukraine crisis has remained the most crucial issue for investors this week as they look to assess its global economic impact. Russia is one of the key oil producers, and prices have been rising as global supplies remain threatened by the conflict.