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

Merle Christensen

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

India, which imports 80 per cent of its crude oil requirements, has been impacted by the crude price rise with petrol and diesel prices touching record high levels.

"Today's stance of calibrated tightening essentially means that in this rate cycle a rate cut is off the table, and that we are not bound to increase rates at every meeting", said RBI Governor Urjit Patel at a press conference. The Monetary policy committee may raise rates by 25 basis points on Friday, the third time this year, amid a higher crude and the weakening rupee, according to a Bloomberg survey. "However, there is a probability of change in neutral stance too, as three successive rate hikes with a neutral stance could contradict RBI message", the research report said.

At the Interbank Foreign Exchange (forex) market, the domestic currency dropped 49 paise against the U.S. dollar in the early trade.

The 10-year benchmark bond yield fell to 8.08 percent from 8.13 percent before the policy was announced, as traders expected a rate hike were caught wrong-footed. The rupee has depreciated almost 15 percent this year, becoming the worst-performing currency in Asia apart Indonesia and the Philippines. With the rupee falling against the greenback, rising crude oil prices have a compounding effect on consumers in emerging market economics like India, analysts said.

The US dollar strengthened against global peers after economic data signalled a thriving US economy which drove Treasury yields to a seven-year high of 3.23% - a level not seen since mid-2011.

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