Thursday, 18 October, 2018

Indian Rupee breaches 73 mark, plunges to fresh all-time low

Sensex falls over 200 points, Nifty slips below 11,000 MARKET WRAP: Sensex rises 299 pts, Nifty reclaims 11,000 led by IT, banks
Elsie Buchanan | 04 October, 2018, 15:29

The Indian rupee on Thursday slumped further to an all-time low of 73.77 against the USA dollar.

Traders were concerned that a rise in United States interest rates and expensive oil could lead to fiscal slippage, increase inflationary pressures and raise the chances of the Reserve Bank of India (RBI) increasing interest rates in its monetary policy review later this week.

"The biggest policy anchor for rupee is high real rates".

Emerging market central banks including Indonesia, Argentina, Philippines and Turkey have raised rates to contain inflation pressures and currency weakness with the U.S. Federal Reserve set to keep raising rates.

On Thursday, the USA dollar touched 1.3828 against the Singapore dollar, its highest since Jul 11 a year ago.

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China's financial markets are closed for the week.

Amid rising crude oil prices leading to increasing demand for the American currency, the value of rupee against dollar has been falling.

India's gold imports are expected to rise further in the fourth quarter, putting the trade balance under more pressure, as investors seek hedges against faltering equities and the weak rupee. It has been continuously pressured this year by higher oil prices. It is hitting new all-time lows virtually on a daily basis, including today when it plunged by 44 paise to hit a new low of 73.77 against Dollars. Brent crude breached $86 per barrel level, near its four-year high, on Wednesday.

India now imports more than two-thirds of its oil needs.

A 25 basis point repo rate hike to 6.75 percent would mean a 75 basis point rise since June, the steepest increase since the last tightening cycle, between September 2013 and January 2014, when India faced its worst currency crisis since the 1990s.

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