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Below is the quote on Rupee 02 March 2022 By Ms. Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking Ltd

The Indian rupee has slumped to test a three-month low as the escalating Russia-Ukraine crisis has sapped risk appetite in the market, leading to significant outflows from the domestic equities, while favoring bets in the safety of the greenback. The relentless rise in Crude Oil prices to multi-year highs amid geopolitical tensions and stricter Western sanctions on Russia are further stoking inflation worries and weighing on the domestic currency. We see immediate support for the Indian rupee at the 76.10 mark, a breach of which shall lead to further depreciation for the local unit. Going ahead, markets would be closely eyeing any incoming updates surrounding the Russia-Ukraine conflict that shall dictate the rupee-dollar exchange rate. Besides, investors are also bracing for the US jobs report to gauge the Fed’s stance towards the policy normalization path.

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