Rupee Breaches 77 Mark, Hits A Low Of 77.02

The Rupee hit an all-time low of 77.02/$ this morning as global markets continued to reel under selling pressure. Rising crude oil prices, on mounting tensions in Ukraine were one one of the prime reasons for the historic low.

"Global economies are facing a heightened risk of a recession this year as Russia's invasion of Ukraine severely disrupts supply chains and has flared up commodity prices since the conflict began. Brent crude oil prices have rallied by another 10% this morning as are trading at 130$/bbl. Important metals like Nickel, Aluminum and Copper prices have also rallied to hit all-time highs. Despite surging prices, the United States and European allies mull a Russian oil import ban. A boycott would put enormous pressure on the already tight supply side. The Domestic markets will be watching out for the outcome of the State election results due to be released on Mar, 10. A reversal of the recent losses will be seen only if SPOT USDINR pair breaks below 76.50. The pair will have upside targets of 77.30/77.52 levels until support holds," Emkay Global has stated.