Rupee Hits New All-Time Low Of 73.77 Against Dollar
05 October, 2018, 14:13 | Author: Corey Lynch
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.
A rally in crude oil prices is expected to put more pressure on the rupee and it may send it near the 74-mark, said analyst Bhaskar Panda.
Emerging market central banks including Indonesia, Argentina, Philippines and Turkey have raised rates to contain inflation pressures and currency weakness with the US Federal Reserve set to keep raising rates. The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies.
The greenback also shot to its highest so far this year on the yen and an all-time high against the Indian rupee.
The rupee hit the record low in Wednesday trading - sinking to 73.34 per dollar.
China's financial markets are closed for the week.
"The fall in the rupee led to a sharp rise in government bond yields, due to increasing expectations that the RBI's monetary policy committee (MPC) could go for a bigger rate increase than expected on Friday", V.K. Sharma, Head PCG & Capital Markets Group HDFC Securities.
The central government and mostly BJP-led states announced a cut in excise and Value-Added Tax rates to reduce fuel prices by 5 per litre.
The Sensex tanked 792.17 points or 2.25 per cent to close at a near 6-month low of 34,376.99, while the Nifty slumped 282.80 points or 2.67 per cent to 10,316.45.
DBS economist Radhika Rao also predicted a rate hike.
The 10-year benchmark bond yield fell to 8.08 percent from 8.13 percent before the policy was announced, as traders expected a rate hike were caught wrong-footed.
The IL&FS debt problems have pushed up short-term interest rates sharply with one-year commercial paper rising by almost 70 basis points to 9.20 per cent since early August, while the one-year treasury bill rate is up 50 bps to 7.73 per cent.
Other Asian central banks in nations running trade deficits and exposed to portfolio outflows and higher oil prices have shown more urgency in hiking interest rates.
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