U.S. dollar surges to 15-month high against Singdollar

05 October, 2018, 14:12 | Author: Frank Williams
  • Indian Rupee breaches 73 mark, plunges to fresh all-time low

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

India's inflation rate was 3.69 per cent in August and is expected to go above the RBI's projected 5 per cent by June 2019 on higher fuel prices, the weak rupee and strong consumer spending.

"Till when will the 56-inch chest be on "silent mode". "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.

Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices that crossed the United States dollars 85 per barrel.

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

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.

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.

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He said: "You can not wish away the depreciation in the rupee if you are a current account deficit country".

While the RBI kept its rates unchanged, analysts expect the central bank to raise rates by at least 50 basis points more going ahead, as inflationary pressures become more pronounced.

The 10-year gilt yield stood at 8.061%, down from its previous close of 8.157%. "The RBI is ready to keep real rates high because the policy mandate is to anchor inflation", said Anindya Banerjee, deputy vice president, currency derivatives at Kotak Securities.

Other Asian central banks in nations running trade deficits and exposed to portfolio outflows and higher oil prices have shown more urgency in hiking interest rates.

The greenback also shot to its highest so far this year on the yen and an all-time high against the Indian rupee.

The worldwide benchmark Brent crude breached the USA 86 per barrel level, near its four-year high.

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