Read the given passage carefully and select the best answer to each question out of the five given alternatives. The rupee is finally getting a breather. After getting knocked down badly since the beginning of 2018, the currency is getting some relief as the market approaches the year-end. The curr

Read the given passage carefully and select the best answer to each question out of the five given alternatives.

The rupee is finally getting a breather. After getting knocked down badly since the beginning of 2018, the currency is getting some relief as the market approaches the year-end. The currency tumbled to its all-time low of 74.48 in early October and has recovered sharply from there over the last few weeks. The rupee has reversed higher by about 4 per cent from the record lows and is currently trading at 71.65.

A strong surge in crude oil prices and foreign portfolio investors (FPI) pulling out money from the Indian debt segment have been keeping the rupee under pressure since the beginning of this year. Crude oil (WTI) prices surged from around $58 per barrel in February to $77 in October increasing the concerns of India’s trade and current account deficit widening. FPIs have pulled out $7.7 billion from debt and $5.2 billion from equities this year. Apart from these two factors, the strength in the US dollar and the rate hikes from the US Federal Reserve have also been weighing on the rupee.

However, things have turned around over the last few weeks. A sharp downward reversal in crude oil prices has helped the rupee recover from record lows. Crude oil (WTI) prices have been falling sharply over the last six consecutive weeks. WTI crude has plummeted about 28 per cent, wiping out all the gains made through this year, from around $77 in October to test $55 per barrel last week. The prices have bounced from there and are currently trading at $57. This has helped the rupee recover from its all-time low of 74.48 to the current levels of 71.65.

So, how far can the rupee strengthen against the US dollar? A study on the rupee over the last 10 years indicates that the current recovery can extend further in the coming weeks. A Fibonacci retracement study on five different legs of the movements (from a high to new low) in the rupee from 2008 shows a specific trend. The rupee has always retraced to a level in between the 50 per cent and the 61.8 per cent Fibonacci retracement support.

Which of the following words is the most similar in meaning to the word ‘plummeted’ as given in the passage?
1). Juncture
2). Delegated
3). Nosedive
4). Blinkered

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