The rupee on Wednesday nosedived 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 traded near a four-year peak of $71.70 a barrel in early Asian trade. After trading in a narrow range during the early part of the day, the local unit tumbled to hit a low of 65.32 in late afternoon deals before closing at 65.31, revealing a sharp loss of 32 paise, or 0.49 per cent.