Rupee Breaches 73/$ Mark For The First Time Ever

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

In a clear indication that it is not yet done with rate increases, the central bank changed its stance to "calibrated tightening" from "neutral" that was in place since February 2017, Bloomberg reported.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.

The greenback soared to a 15-month high against the Singapore dollar and stood tall against other Asian currencies on Thursday (Oct 4), after robust USA economic figures and bullish comments from the Federal Reserve boosted the dollar, prompting sustained regional outflows. Of 15 economists surveyed by Mint, 14 expected the RBI to raise the repo rate, the rate at which it lends to commercial banks, to 6.75%.

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".

Rockies win NL Wild Card thriller
Terrance Gore tried to sell that he was hit by a pitch, but was sent back to the plate after a review confirmed the initial call. They squandered a dominant start by Jon Lester , got shut down by Kyle Freeland and wasted several big scoring opportunities.

The Indian rupee is the worst performing Asian currency this year, having lost more than 13 per cent. Higher crude oil prices, demand from defence and oil marketing firms have contributed to the latest bout of weakness. Higher prices have swollen India's current account deficit, which last stood at around 2.4 per cent of GDP, in the April-June quarter. The comments raised the possibility of another Bank Indonesian rate hike before mid-December although it has already raised interest rates five times since mid-May.

Traders will also focus on US jobs data for September due later on Friday amid growing concerns about rising global yields and US-China trade tensions.

Hence, the RBI said that it was vital "to further strengthen domestic macroeconomic fundamentals".

A labourer carries an iron pipe at the construction site of a residential complex on the outskirts of Kolkata, October 5, 2018.

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