Indian rupee collapses to 73.77 against United States dollars

RBI Governor Urjit Patel in Mumbai Friday

RBI Governor Urjit Patel in Mumbai Friday

He tweeted: "Breaking: Rupee slips to 73.77. It's not breaking - it's Broken", Gandhi said on Twitter. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din".

Brent crude also breached the four-year high of USD 86 dollar per barrel level, fuelling worries over widening current account and trade deficit.

An expected rate hike would be the Reserve Bank of India's (RBI) third this year, after it lifted borrowing costs in June and August.

The policy repo rate under the liquidity adjustment facility (LAF) remained unchanged at 6.5 per cent.

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

The rupee crashed below the 74 mark against the dollar after the Reserve Bank of India (RBI) has made a decision to keep the repo rate unchanged at 6.5 per cent.

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

If the RBI does raise rates, it would be the latest in a series of emerging market central banks that have been pressured into tightening policy in response to a tumbling currency.

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

India's benchmark 10-year sovereign yield rose to 8.16%. "Raising the repo rate will increase the real interest rates and help in attracting fresh foreign inflows which will help in containing the rupee". The risk to food inflation from spatially and temporally uneven rainfall is also mitigated, as confirmed by the first advance estimates that have placed production of major kharif crops for 2018-19 higher than last year's record.

Analysts attribute the collapsing of the rupee to the weak global trade sentiment, rising crude oil prices and higher demand for the US dollars.

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