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The ruble was trading at a record low 105.27 per dollar, down from about $84 per dollar late Friday.
Barring HUL and Nestle, all Sensex shares closed with gains - with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC and Tech Mahindra surging as much as 6.54 per cent.
Russian President Vladimir Putin's announcement of starting a military operation in Ukraine sent world markets into a tizzy with shares in Asia plunging into deep red.
The monetary policy committee held the lending rate, or the repo rate, at 4%.
The RBI kept benchmark lending rate unchanged for the 10th time in a row at 4%.
Market participants will also look forward to re-examination of laws dealing with withholding tax on dividends.
Shares of RBL Bank shed 18.5%, after falling as much as 25% earlier in the session.
The NSE Nifty 50 index fell 1.4% to 16,745 by 0347 GMT and the benchmark S&P BSE Sensex was down 1.4% at 56,235.04.
The potentially more contagious Omicron was first reported to the WHO from South Africa on November 24.
The company's market valuation went past Rs 1 lakh crore mark and closed at Rs 1,04,438.88 crore on the BSE.