Indian Rupee Sinks To Record Low Against Dollar After RBI Keeps Rate Unchanged
05 Octubre 2018 - 01:18AM
RTTF2
The Indian rupee breached the 74 mark against the U.S. dollar in
evening deals on Friday, touching an all-time low, after India's
central bank kept its key benchmark rates unchanged unexpectedly
after tightening the policy at the previous two meetings.
The six-member Monetary Policy Committee of the Reserve Bank of
India decided to maintain the repo rate at 6.50 percent. The
reverse repo rate was retained at 6.25 percent.
Five members of the MPC including Governor Urjit Patel voted in
favor of keeping the policy rate unchanged, while Chetan Ghate
sought a quarter-point rate hike.
The bank noted that oil prices remain vulnerable to further
upside pressures and volatility in global financial markets
continues to impart uncertainty to the inflation outlook.
The rupee lost 1.1 percent against the dollar, crashing to a
historic low of 74.32. This follows a 2-day high of 73.48 touched
when Indian marked opened for trading. The rupee had finished
Thursday's trading at 73.79.
So far this year, the currency has fallen almost 15.8 percent
against the greenback.
Indian markets also fell, with the benchmark BSE Sensex falling
792.17 points or 2.25 percent to 34,376.99, while the broader Nifty
index was down 282.80 points or 2.67 percent at 10,316.45.
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