Rupee sinks 109 paise, worst in Asia; RBI intervenes to reduce volatility

Rupee may breach 76/$ if geopolitical tensions persist

The rupee tumbled the most in eight months on Thursday as the dollar strengthened against major global currencies after Russia invaded Ukraine, sending crude oil prices over $100 per barrel.

Several banks started buying dollars on behalf of oil-marketing companies as Brent crude surged past the $100-mark, further weighing down the Indian currency. The rupee fell 1.4 per cent against the greenback, or 109 paise. The currency closed the day at 75.65 to a dollar - its lowest since December 20, 2021.

“The rupee fell sharply in Thursday's session as tensions between Russia and Ukraine reached boiling point. Reports of Russia invading