Rupee sinks to a 5-month low

The Rupee nosedived by 32 paise to hit a fresh five-month low of 65.31 against the US dollar as surging crude oil prices and growing geopolitical uncertainties rattled forex market sentiment. This is the lowest closing for the home currency since November 14, 2017, when it had ended at 65.42 against the greenback. Brent crude, an international benchmark, was trading near a four year peak of $72 a barrel in early Asian trade.

A sense of volatility prevailed in the domestic currency market after a rapid surge in global crude prices driven by prospects of geopolitical uncertainty in the Middle East following US President Donald Trump’s promise to respond “forcefully” to a suspected chemical attack in Syria

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