Rupee sinks to all-time low, breaches 74-mark against United States dollar
05 October, 2018, 13:56 | Author: Sara Gill
The Reserve Bank of India (RBI) maintained a status quo and kept the repo rate unchanged at 6.50 per cent, following its October monetary policy meet. "The changed stance indicates that in the current rate cycle RBI has only two options- hike rates in the next policy meeting or keep it unchanged".
Reverse repo rate - the rate at which the RBI borrows money from commercial banks - too has been kept the same as the current rate of 6.25 per cent.
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. But since global commodity prices other than oil have moderated, it should mitigate the adverse influence on input costs, the central bank observed.
India's currency fell Wednesday to its lowest-ever level against the US dollar.
Tweeting in Hindi, the Times of India reported that he said: "The rupee has crossed the 73 mark and price rise is causing an outcry". During April-June India's balance of payments slipped into deficit for the first time in six quarters.
Last week, Bangko Sentral ng Pilipinas (BSP) hiked rates by 50 bps to 4.50 percent, adding to the three hikes worth 100 bps since May.
US Treasury yields jumped to multi-year peaks on Wednesday, with the 10-year yield reaching a seven-year high after Wednesday's robust data bolstered the case for the Fed to raise interest rates again in December and beyond.
In its policy statement on Friday, the RBI said headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening financial conditions globally posed substantial risks to the growth and inflation outlook.
The macroeconomic problems resulting from a depreciating rupee are not Prime Minister Narendra Modi's only concerns.
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