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Indian rupee collapses to 73.77 against Dollars

05 October, 2018, 14:11 | Author: Lawrence Cooper
  • Rupee hits lifetime low of 73.34 against dollar

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 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.

Tweeting in Hindi, the Times of India reported that he said: "The rupee has crossed the 73 mark and price rise is causing an outcry". The risk to food inflation from spatially and temporally uneven rainfall is also mitigated, as confirmed by the first advance estimates that have placed production of major kharif crops for 2018-19 higher than last year's record.

While a majority of analysts expect a quarter-point raise, some analysts said they would not be surprised if there's a 50 bps increase, given surging oil prices and the rupee's battering.

The Indian rupee slumped to a new all-time low of 74.23 against the USA dollar, weakening from around the 73.65 ahead of the RBI policy statement.

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The centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. Petrol rates increased by Rs 0.15 per litre and diesel rates increased by Rs 0.20 per litre on Thursday.

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Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

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 benchmark Sensex fell 1.68% to 34577.99 points.

DBS economist Radhika Rao also predicted a rate hike. To alleviate cash crunch fears, the RBI has unexpectedly outlined a large bond purchase programme worth Rs 34,000 crore for October on top of Rs 20,000 crore of purchases last month.

Repo rate is the rate at which the RBI lends money to banks and is an important tool for RBI to control inflation.

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