Rupee hits record low as fuel prices touch fresh highs

Rupee hits new low of 73.34 against USD

Business 03 Oct 2018 Rupee hits new low of 73.34 plunges 43-paise against USD

He tweeted: "Breaking: Rupee slips to 73.77".

Gandhi Wednesday hit out at Prime Minister Narendra Modi questioning his silence over the falling value of the Indian Rupee.

Anticipation of a rate hike has increased in the past month as oil prices climbed, the rupee's slide accelerated and concerns on liquidity emerged.

The BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade Wednesday after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices.

"Till when will the 56-inch chest be on "silent mode". The rupee opened the day's trade at the Inter-Bank Foreign Exchange Market at 73.67 to a dollar from its previous close of 73.34.

A majority of analysts polled by Reuters last week expected a third consecutive 25 basis point increase in the key repo rate, now set at 6.50 percent, though speculation has mounted in recent days that the Reserve Bank of India (RBI) could opt for a 50 bps hike.

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The Indian rupee is the worst performing Asian currency this year, having lost more than 13 per cent.

Emerging market central banks including Indonesia, Argentina, Philippines and Turkey have raised rates to contain inflation pressures and currency weakness with the U.S. Federal Reserve set to keep raising rates.

India now imports more than two-thirds of its oil needs.

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".

Meanwhile, Brent crude oil near USD 85 a barrel, the rupee weakening by 43 paise to hit an all-time low of 73.41 against the dollar, and a mixed trend in other Asian markets also influenced trading sentiment here.

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