Rupee Hits New All-Time Low Of 73.77 Against Dollar

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

It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI "cannot afford" a special swap window for oil importers to meet the dollar demand.

As per the RBI's fourth bi-monthly monetary policy statement, the key lending rates have been kept intact on the back of an uncertain global economic scenario.

The Reserve Bank of India (RBI) held interest rates unchanged at a policy meeting on Friday, sending the rupee tumbling to a record low and stunning analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices.

The RBI belied market expectations of a rate hike, which was expected to arrest the free fall in the rupee's value.

‘Kind of appalling’: Republican senators criticize Trump for mocking Christine Blasey Ford
So we gotta let it play out but I wanna tell you, he is a fine, fine person. "I think that's the height of hypocrisy". Espy, if elected, would become the first black senator to represent MS since shortly after the Civil War.

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 rupee, which inched towards 74 to the dollar on Thursday, has fallen 13.5 per cent in 2018, making it Asia's worst-performing currency.

China's financial markets are closed for the week.

"Fuel and gas prices are on fire and markets are scurrying".

Emergency alert test going out to mobile phones nationwide
A backup date is always planned in case of widespread severe weather or other significant events on the primary test date. Cell phones that are turned on and within the range of an active cell tower are expected to receive the message.

The benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals.

"The RBI policy announcement of keeping rates unchanged is a surprise", said Abhimanyu Sofat, head of research, at brokerage firm IIFL Securities Ltd, adding that if crude prices continue to surge then RBI may have to may have to frontload rate hikes.

The 10-year gilt yield stood at 8.061%, down from its previous close of 8.157%. "We rule out a hike of 50 basis points, as it may spook the market".

One underlying concern is that the RBI's selling of dollars to stem the slide in the rupee has drained Rs 1.5 lakh crore from the banks since April. "The biggest policy anchor for rupee is high real rates".

US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution
The United States, Mexico, and Canada are expected to sign the deal by the end of November , 2018. "NAFTA is a proven success". He'll be replaced by President-elect Andres Manuel Lopez Obrador, who tapped Ebrard to be his foreign relations secretary.

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

Related news:

Hot News

isis-killer-beheading-video-story-top Dutch authorities accuse Russian Federation of targeting OPCW, MH17 investigation
Oct 04, 2018 - 19:12
They said Australia wasn't significantly affected, but the cyber attacks caused economic damage and disrupted civilian infrastructure in other places.

isis-killer-beheading-video-story-top Glowing Catherine debuts chic new style on first visit since maternity leave
Oct 04, 2018 - 19:01
To complete their visit, William and Kate will visit a Friendship Bench, which is part of a programme from Zimbabwe. She was joined by children from St Augustine's Primary School, who presented her with flowers on her arrival.

isis-killer-beheading-video-story-top Windows 10 October 2018 Update Now Available
Oct 04, 2018 - 18:59
The tech giant, Microsoft is now rolling out the new app for all Windows 10 users with the new Windows 10 October update . It'll also allow you to send text messages from your PC, without having to utilize Cortana as was required in the past.

isis-killer-beheading-video-story-top McConnell takes key step toward vote on Kavanaugh nomination
Oct 04, 2018 - 16:50
She could not remember other aspects however - prompting Trump to mock her before an auditorium of supporters. The letter also says Kavanaugh gave "intemperate, inflammatory" responses and was "discourteous" to senators.

isis-killer-beheading-video-story-top ‘Chuck Chequers’: Boris Johnson offers UK PM advice about Brexit plan
Oct 04, 2018 - 15:02
Many took it as mocking May's assertion that the most mischievous thing she had ever done was run through a field of wheat as a child.

isis-killer-beheading-video-story-top The FBI’s Investigation of Kavanaugh Was a Sham
Oct 04, 2018 - 08:34
Senator Cindy Hyde-Smith was rushing to a vote when a woman shouted at her: "Do you believe survivors?" Hyde-Smith didn't answer. Democrats also demanded that the FBI privately brief the Senate about the investigation before the chamber votes.

isis-killer-beheading-video-story-top Rockies edge Cubs in 13-inning, wild-card classic
Oct 03, 2018 - 19:26
With the Red Sox, Lester allowed three runs in Game 7 of the American League Championship Series in a loss to the Rays in 2008. For lack of a better term, sometimes you need to get your di$% knocked in the dirt to appreciate it where we're at.

isis-killer-beheading-video-story-top OPEC output rises 30K bpd in September
Oct 03, 2018 - 18:12
Oil prices rose by 4.1 per cent in the third quarter of this year to $82.72 per barrel, the highest level in almost four years. Some market players are predicting the new US-Canada-Mexico free-trade deal will spur more demand.

isis-killer-beheading-video-story-top China 'orders X-Men actress Fan Bingbing to pay massive tax fine'
Oct 03, 2018 - 17:28
The investigation began over Fan's reported income from the upcoming film Air Strike starring Bruce Willis, Xinhua reported . For these violations, the Jiangsu Tax Bureau is fining Fan and her legal representative 880 million yuan.

isis-killer-beheading-video-story-top Saturday's major league roundup: Dodgers clinch majors' final playoff berth
Oct 03, 2018 - 12:20
Instead, they're now headed to Chicago and will have to win the Wild Card game against the Cubs to reach a playoff series. The Giants have played the Dodgers close in the first two games of the series, but haven't been able to beat them.

isis-killer-beheading-video-story-top Google Chrome will stream 'Assassin's Creed Odyssey' for free with Project Stream
Oct 02, 2018 - 22:45
But there's a little more to streaming a game than a movie. "It is going to help the AAA game industry grow much faster", he said. Participants must also have both a Google and Ubisoft account as well as an updated version of the Chrome browser (version 69+).

Amazon increases its minimum wage to $15
Oct 02, 2018 - 22:02
The pay hike announced by Amazon Tuesday arrives right as retailers head into their most crucial season ahead of the holidays. A public policy team employed by Amazon will begin pushing for an increase in the US federal minimum wage of $7.25 per hour.

isis-killer-beheading-video-story-top Week Ahead: Kavanaugh FBI Investigation, NAFTA Deal And More
Oct 02, 2018 - 22:00
But the President stressed again that Kavanaugh's life had been all but ruined by allegations he suggested were false. She's the second woman who came forward with sexual misconduct allegations against Kavanaugh.

isis-killer-beheading-video-story-top Canadian Donna Strickland third woman to win Nobel physics prize
Oct 02, 2018 - 21:58
And, for the first time in more than half a century, a woman - Donna Strickland - is one of the winners. The Nobel chemistry prize comes on Wednesday, followed by the peace prize on Friday.

isis-killer-beheading-video-story-top Elon Musk Settles With SEC, Quits As Tesla Chairman
Oct 02, 2018 - 21:57
An equity settlement could end up diluting Musk's roughly 19 percent stake in Tesla , further reducing his influence on the board. Former US Vice President Al Gore could be a good fit to replace Elon Musk as chairman, according to one longtime tech analyst.