14 February 2022
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events
- Asia stocks skid on Ukraine fears
- Oil prices jump more than 1% to 7-year highs on supply jitters
The Indian rupee is expected to decline against the dollar today as crude oil prices climbed to fresh multi year highs on mounting fears over Russia invading Ukraine.
The rupee is expected at 75.55-75.60 in opening trades compared with 75.38 on Friday. Last week, the currency dropped about 1%, its worst performance in almost four months, as traders bet that the U.S. Federal Reserve could potentially raise rates at each meeting this year to tackle inflation. An unexpectedly dovish stance by India’s Monetary Policy Committee, which sent rupee forwards tumbling, added to the rupee’s woes.
Asian shares sagged on Monday as warnings that Russia could invade Ukraine at any time sent oil prices to seven-year peaks, boosted bonds and belted the euro.
The cautious mood saw MSCI’s broadest index of Asia-Pacific shares outside Japan drop 1.2%. Japan’s Nikkei lost 2.6%, while Chinese blue chips fell 0.6%.
S&P 500 futures were down a fraction and Nasdaq futures eased 0.1% after steep losses on Friday. EUROSTOXX 50 futures shed 1.8% and FTSE futures 0.7%.
Oil prices on Monday hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world’s top producer in an already tight market.
Brent crude futures was at $95.56 a barrel , up $1.12, or 1.2%, after earlier hitting a peak of $96.16, the highest since October 2014. U.S. West Texas Intermediate (WTI) crude rose $1.28, or 1.4%, to $94.38 a barrel, hovering near a session-high of $94.94, the loftiest since September 2014.
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