Rupee plunges to record low of 73.77 against USA dollar

Rupee plunges to record low of 73.77 against USA dollar

Mumbai:The rupee fell past the 73 mark and bond yields climbed over 12 basis points on Wednesday after crude oil surged to almost $85 per barrel, a near four-year high.

India's currency fell Wednesday to its lowest-ever level against the USA dollar.

Bandhan Bank hit the lower circuit, slipping 20 per cent to Rs 451.20 on the BSE following Reserve Bank of India's (RBI's) decision to stop the private sector lender from opening new branches and freezing the remuneration of its managing director & chief executive officer (MD & CEO) Chandra Shekhar Ghosh.

Domestic markets were closed on Tuesday on account of Gandhi Jayanti.

Anticipation of a rate hike has increased in the past month as oil prices climbed, the rupee's slide accelerated and concerns on liquidity emerged.

The benchmark 10-year bond yield hit 8.2 per cent in early trade against the previous close of 8.11 per cent. Indian bond yields spiked as prices fell.

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DBS economist Radhika Rao also predicted a rate hike.

The prices of diesel and petrol surged on Thursday as the price of crude oil crossed $86 per barrel.

It comes just one day before the Indian central bank is expected to raise rates on Friday to prop-up the rupee.

Traders are now cautious and are awaiting the RBI's bi-monthly policy on Friday.

In the latest of a series of attempts to calm markets, the government late on Wednesday said it would allow state oil marketing companies (OMCs) to raise $10 billion in overseas loans to help them cover the sharp rise in price for imported oil.

So far this year, the rupee has declined 12.07% and foreign investors have sold $2.01 billion and $7.11 billion in the equity and debt markets, respectively.

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