Rupee plunges to fresh record low of 73.77 against dollar
04 October, 2018, 15:30 | Author: Eric Barnett
"However, if oil comes down to $75 a barrel, then the rupee is expected to retract significantly against the greenback", he noted.
Mr Gandhi took aim at Prime Minister Narendra Modi yesterday, accusing him of remaining silent over the rupee crisis.
On Wednesday the rupee slipped to a low of 73.42 per dollar as crude oil prices breached the 85 US dollars per barrel mark, leading to huge outflows of cash. The soaring crude oil prices have hit their highest since November 2014. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din".
The current account has faced additional pressure as India, like many emerging market economies, has also suffered due to rising US interest rates drawing investors away.
The Indian rupee is the worst performing Asian currency this year, having lost more than 13 per cent.
A majority of analysts polled by Reuters last week expected a third consecutive 25 basis point increase in the key repo rate, now set at 6.50 percent, though speculation has mounted in recent days that the Reserve Bank of India (RBI) could opt for a 50 bps hike.
India now imports more than two-thirds of its oil needs. Indonesia has a large current account deficit stemming from its oil imports.
Mr Prasanna went on to reason that India would not want to "fall behind the curve in terms of interest rate differential given that central banks globally are raising interest rates".
The 10-year benchmark bond yield has risen by 50 basis points to 8.20 percent since the last policy-making meeting in August.
DBS economist Radhika Rao also predicted a rate hike. "Raising the repo rate will increase the real interest rates and help in attracting fresh foreign inflows which will help in containing the rupee".
Research Analysts say sharp rise in the crude oil prices along with steep depreciation in the rupee might push inflation higher in the coming months.
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