Rupee sinks to historic low, Centre anxious

RBI Monetary Policy Credible tight monetary policy isn’t “currency defense” to draw in more flows

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

On Thursday, the U.S. dollar touched 1.3828 against the Singapore dollar, its highest since Jul 11 past year.

The rupee collapsed to a fresh low of 73.77 against the USA dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows. Indian equities fell about 1.6 per cent. Traders said the Reserve Bank of India likely intervened to curb the rupee's fall. Bond yields and prices move in opposite directions.

The dollar strengthened against the Chinese yuan by 0.2% to 6.9 in the offshore market and touched a fresh 20-year high against the Indonesian rupiah.

"The panel however, shifted its policy stance to "calibrated tightening" from 'neutral".

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

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Well, Android 9 is already here and the affected users are still facing the same charging crisis with their devices. Google's flagship Chromebook, the Pixelbook will be getting an upgrade as well at the event.

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

The Singapore dollar was less affected, dipping 0.4 per cent to S$1.3812 per USA dollar as at 2:40pm.

Thirdly, worldwide financial markets remained volatile with EME currencies depreciating significantly.

The Indian rupee is the worst performing Asian currency this year, having lost more than 13 per cent. "It is because of the higher oil prices that weigh on the sentiment". "The rupee hit yet another record low today and in the near term, it doesn't look like there's any respite coming". 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. During April-June India's balance of payments slipped into deficit for the first time in six quarters. India imports more than two-thirds of its oil needs.

"The fall in the rupee led to a sharp rise in government bond yields, due to increasing expectations that the RBI's monetary policy committee (MPC) could go for a bigger rate increase than expected on Friday", V.K. Sharma, Head PCG & Capital Markets Group HDFC Securities.

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