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Rupee Dips Below 74 For First Time Against Dollar

05 October, 2018, 13:58 | Author: Shawna Walton
  • Indian Rupee breaches 73 mark, plunges to fresh all-time low

However, it later clawed back some gains as the struggling tender reached 73.67.

"However, if oil comes down to $75 a barrel, then the rupee is expected to retract significantly against the greenback", he noted. "It's not breaking - it's Broken", Gandhi said on Twitter.

The decline steepened in recent weeks as rising crude price - India imports two-thirds of its oil needs - and a sell-off by investors in emerging markets cranked up the pressure on the country's external balances.

The macroeconomic problems resulting from a depreciating rupee are not Prime Minister Narendra Modi's only concerns. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din". Indonesia's central bank governor stressed the need to raise interest rates before the Fed to avoid "drastic" capital outflows in the wake of a heavily flagged Fed hike in December.

The bank are predicted to act to tackle rising U.S. interest rates, capital outflows from emerging markets and India's weakening balance of payments and current account deficit.

"On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) chose to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent", RBI said in a statement on Friday.

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

She said: "For bond markets, a 25 bps hike accompanied by a hawkish stance could trigger the 10-year bond yield to rise to 8.25 percent". The rupee has been performing poorly for the past few months and the rise in repo rate is seen as an attempt by the RBI to curb further price fall.

Oil prices firmed near the highest level in nearly four years on expectations of a tighter market once USA sanctions on Iran are effective next month.

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