Published: Fri, October 05, 2018
Markets | By Noel Gibbs

India's currency falls to all-time low against US dollar

India's currency falls to all-time low against US dollar

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

The rupee collapsed to a fresh low of 73.77 against the U.S. dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

However, without any clear signals from the central bank, the rupee crashed to all-time low before settling at 73.34. "It's not breaking - it's Broken", Gandhi said on Twitter.

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On Monday, the rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar amid a strengthening greenback and steady capital outflows.Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

"Rising crude price, coupled with currency depreciation, has been the key macro concern for the market as it can make the task of fiscal management challenging amid rising bond yields", said Motilal Oswal Financial Services in a note on Thursday. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din".

Traders remained cautious ahead of the Reserve Bank of India's policy meet scheduled later this week.

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Mr Prasanna went on to reason that India would not want to "fall behind the curve in terms of interest rate differential given that central banks globally are raising interest rates". The question was only of timing, said Radhika Rao, an economist at DBS in Singapore.

The dollar rose to near 1-month highs against global currencies. Bank Indonesia added 25 bps to its four previous hikes this year, bringing rates to 5.75 percent as expected, or 150 bps higher since May. "Raising the repo rate will increase the real interest rates and help in attracting fresh foreign inflows which will help in containing the rupee".

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