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

05 October, 2018, 14:11 | Author: Sally Reid
  • Indian Rupee breaches 73 mark, plunges to fresh all-time low

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high.

Adding to the bullish mood, Federal Reserve chairman Jerome Powell said on Wednesday that the central bank may raise interest rates above an estimated "neutral" setting as the "remarkably positive" U.S. economy continues to grow.

The meeting assumes significance as the rupee has hit an all-time high of 73.74 against the United States dollar, which would raise India's import bill and widen the trade deficit (difference between imports and exports).

China's financial markets are closed for the week.

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

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.

Intel's LTE Modems in iPhone XS/XS Max Unable to Match Qualcomm Speeds
We have already seen the devices compared to Samsung's latest flagship handset, the Galaxy Note 9, in a speed test and drop test . They found that download speeds on the new iPhones have increased by 6.6Mbps on average on all United States carriers.

The central government and mostly BJP-led states announced a cut in excise and Value-Added Tax rates to reduce fuel prices by 5 per litre.

The 10-year benchmark bond yield has risen by 50 basis points to 8.20 per cent since the last policy-making meeting in August.

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.

DBS economist Radhika Rao expects a rate hike, along with the RBI shifting its stance to "hawkish" from "neutral".

The 10-year gilt yield stood at 8.061%, down from its previous close of 8.157%.

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.

Recommended:

  • Messi fires Barcelona to 4-2 win at Spurs

    Messi fires Barcelona to 4-2 win at Spurs

    Messi capped off a fine night with his second goal at the death to bring an end to a thrilling contest in the English capital. Swiftly playing the ball back in side, former Liverpool man Philippe Coutinho was on-hand to finish the chance off well.
    Why you'll be getting a text from President Trump this Wednesday

    Why you'll be getting a text from President Trump this Wednesday

    You can expect it to sound like an Amber Alert or flood warning, according to the Federal Emergency Management Agency ( FEMA ). That message may go out to cellphones, weather radios and TV and radio stations - simultaneously.
    'Chargegate': Apple users complain that new iPhones fail to charge

    'Chargegate': Apple users complain that new iPhones fail to charge

    If you want a faster charge rate, be prepared to pay $49 for the charging head and at least $19 for the cheapest one-meter cord. Several complaints about the XS and XS Max failing to charge have also been posted on Apple's discussion forum on its website .
  • NY Times throws writer Emily Bazelon 'under the bus' over Kavanaugh story

    NY Times throws writer Emily Bazelon 'under the bus' over Kavanaugh story

    The man noticed Ludington, Kavanaugh and the others looking at him and - according to Ludington - aggressively asked them to stop. They looked around and asked questions, he said, and then Dudley was put in a squad auto and taken to jail.
    Tottenham Lose Key Men Ahead Of Barcelona Clash

    Tottenham Lose Key Men Ahead Of Barcelona Clash

    Manager Mauricio Pochettino said: 'It is a period when we are not having good luck with injuries. We need to produce that same energy, the crowd were awesome that night.

    Melania Trump's Striped Dress During Trip to Ghana

    Trump plans to visit a hospital neonatal intensive care unit before going to the presidential palace for tea with Akufo-Addo. US First Lady, Melania Trump , has arrived in Ghana as part of her extended solo global mission to Ghana.
  • Recep Erdogan opens huge mosque in Germany amid rival rallies

    Recep Erdogan opens huge mosque in Germany amid rival rallies

    He noted that Turkey lifted the state of emergency following the June 24 presidential and parliamentary elections in the country. Erdogan said that the United States has lost "its reliability with its additional implementations on Turkey".

    Senators to Review FBI's Report on Kavanaugh Under Strict Security

    Opposition among Americans to Kavanaugh has increased since last week's hearing, Reuters/Ipsos polling data showed on Wednesday. The fast-moving story around embattled Supreme Court nominee Judge Brett Kavanaugh continues to unfold.
    Buehler helps Dodgers win NL West by beating Rockies

    Buehler helps Dodgers win NL West by beating Rockies

    He had 110 RBIs, one behind the Cubs' Javier Baez, and finished with 36 home runs, two shy of Colorado's Nolan Arenado . After Manny Machado and Yasmani Grandal struck out, Bellinger connected on a 1-0 pitch from German Marquez (14-11).
  • 384 killed in Indonesia quake, tsunami

    384 killed in Indonesia quake, tsunami

    The majority of Palu's inhabitants are Muslim. "I assure all help from India to Indonesia to combat the disasters", Swaraj said. The other tragedy is that more than 48,000 have been forced to leave their houses and telecommunications are still not working.
    North, South Korea begin removing landmines along fortified border

    North, South Korea begin removing landmines along fortified border

    Past rapprochement efforts were often stalled after an global standoff over the North's nuclear ambitions intensified. South and North Korea are reported to have started removing landmines from along their heavily defended border.
    NJ surfer dies from 'brain eating amoeba' after visiting Texas water park

    NJ surfer dies from 'brain eating amoeba' after visiting Texas water park

    In a statement, Stuart Parsons Jr., the owner of BSR Cable Park, said his "hearts and prayers" are with Stabile's family. Stabile is believed to have contracted Naegleria fowleri during a visit to the BSR Cable Park in Waco, Texas .


Popular

Republicans plan to confirm Trump's SC nominee Kavanaugh on weekend
Schumer, D-N.Y., who appeared beside her at a news conference, blamed the White House for the limited scope of the latest probe. The Senate Judiciary Committee said lawmakers will review the report before a procedural vote advancing the nomination today.

US, China look on as Putin seeks India arms deals
Moscow is also pushing for India's entry into the Nuclear Suppliers Group of countries controlling access to nuclear technology. More than 20 agreements are expected to be signed during Putin's visit in areas such as defence, space and economy.

'Fully confident' White House receives FBI report on Kavanaugh
Cosko is a Democratic operative who's worked for several congressional offices over the years, including most recently for Rep. The full Senate is preparing to weigh in on Kavanaugh's nomination with an initial vote on Friday.

Theresa May sways to 'Dancing Queen' to deliver upbeat Brexit message
This time she flaunted her moves on stage as she arrived at the Conservative Party conference . It was a nod to her much-mocked boogie during a trip to Africa earlier this year.

Attorney fires back at Trump for mocking Ford during rally
Republicans have 51 seats in the closely divided 100-member Senate and can not afford to lose more than one vote on confirmation. Ford testified last Thursday that Kavanaugh sexually assaulted her in 1982 when they were high school students in Maryland.

Google Pixel 3 can be used as a home smart display
The stand will hold the Pixel 3 in a upright position given it's shape, so the UI will certainly help in easier access. The front-facing camera will also apparently have a "Super Selfies" feature, though it's not yet clear what this is.

Carragher reveals mistake Mourinho has repeated at Man Utd, Chelsea, Real Madrid
Mourinho is under increasing pressure after seeing United collect just 10 points from their opening seven Premier League games. A win against Valencia would put us in a commanding position in the Champions League with two wins from two matches.

Dodgers beat Rockies to claim sixth consecutive NL West title
And because both teams atop the Central have the best records in the NL, the loser of Monday's early game will host the Wild Card. Buehler has never pitched in a playoff game so this is as close as it can get without technically being a playoff game.

Flake urges ‘real investigation’ by FBI of Scotus nominee
A lot of the uproar about Kavanaugh isn't just because of how he might rule on stuff", said Smith. President Donald Trump ordered the investigation hours after Sen.

Some ‘care more than others’ about Man Utd crisis - Mourinho
According to The Sun , Mourinho now has just a week to show the United hierarchy that he is the right man for the job. However, Shaw said the responsibility lies with the players.