Wednesday, 17 October, 2018

Rupee Breaches 73/$ Mark For The First Time Ever

Rupee hits lifetime low of 73.34 against dollar Sensex falls over 200 points, Nifty slips below 11,000
Laurie Berry | 04 October, 2018, 15:27

However, it later clawed back some gains as the struggling tender reached 73.67.

The rupee opened weak at 73.72 against the previous close of 73.34.

Mr Gandhi took aim at Prime Minister Narendra Modi yesterday, accusing him of remaining silent over the rupee crisis.

Rising global oil prices, they climbed 2 percent on Wednesday to hit a four year-high, are bad news for importing nations like India. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din".

"New NAFTA" Means New Standards For The Auto Industry
Chinese leaders bristled at the Trudeau government's progressive trade agenda that includes gender, labour and Indigenous rights. Talking up the new accord, Trump declared it a " privilege " for foreign powers to do business with the US.

Edelweiss Securities expects that external headwinds in the form of surging crude prices and a depreciating rupee continue to be key concerns for the bond markets. Indonesia's central bank governor stressed the need to raise interest rates before the Fed to avoid "drastic" capital outflows in the wake of a heavily flagged Fed hike in December.

Investors were also cautious ahead of the three-day RBI policy review scheduled to begin Wednesday.Sectoral indices led by PSU, metal, infrastructure, power, oil and gas, auto, capital goods, realty and consumer durables stocks were trading in the negative terrain, falling by up to 1.43 per cent. India imports more than two-thirds of its oil needs.

Mr Prasanna went on to reason that India would not want to "fall behind the curve in terms of interest rate differential given that central banks globally are raising interest rates".

DBS economist Radhika Rao expects a rate hike, along with the RBI shifting its stance to "hawkish" from "neutral". Weaker long-term sentiment has weighed on the won, which is closely tied to China though Korea's electronics exports, which may be at risk from the US-China trade war.

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