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

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

It also called for strengthening domestic macro economic fundamentals noting the rising global headwinds including trade tension, rising crude oil prices and tightening global liquidity conditions. South African rand, Mexican peso and Australian dollar also dropped up to 1.5%.

On Wednesday the rupee slipped to a low of 73.42 per dollar as crude oil prices breached the 85 USA dollars per barrel mark, leading to huge outflows of cash.

Oil prices have reached four-year peaks as the market focused on upcoming United States sanctions on Iran while shrugging off the year's largest weekly build in United States crude stockpiles.

So far this year, the rupee has declined 13.2%, while foreign investors have sold $2.44 billion and $7.26 billion in the equity and debt markets, respectively.

A plunging currency may prompt the Reserve Bank of India to hike interest rates for the third time since June when it meets on Friday.

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India's benchmark 10-year sovereign yield rose to 8.16%.

State-owned oil marketing companies have been allowed to raise Dollars 10 billion from overseas market to meet their working capital needs.

India's inflation rate was 3.69 per cent in August and is expected to go above the RBI's projected 5 per cent by June 2019 on higher fuel prices, the weak rupee and strong consumer spending. 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.

Bank of America Merrill Lynch in a report explained that pre-committing Dollars 8 billion a month for it over and above the USD 25-30 billion lost in interventions since April will push the overall forex reserves below the critical eight-month import cover mark. Indian equities fell about 1.6 per cent. Traders said the Reserve Bank of India likely intervened to curb the rupee's fall.

It finally settled at 73.58, it all-time closing low, with a loss of 24 paise.

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