Rupee a hostage to oil as India's crude import bill jumps 76%

Forget Turkey and Argentina. The rupee’s real bugbear is the price of oil. Brent, the benchmark of half the world’s oil including India’s, has jumped by more than 70 per cent from a low set in the middle of last year. The commodity is currently trading at $77.09 per barrel, a whisker below a three-year high of $80.50 reached in May.

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