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Rupee slumps to record low of 74.06 | The Indian Express · 2018-10-09 · Home Business Market Rupee slumps to record low of 74.06 Rupee slumps to record low of 74.06 However, the

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Rupee slumps to record low of 74.06 | The Indian Express https://indianexpress.com/article/business/market/rupee-record-low-again...

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Page 2: Rupee slumps to record low of 74.06 | The Indian Express · 2018-10-09 · Home Business Market Rupee slumps to record low of 74.06 Rupee slumps to record low of 74.06 However, the

HomeBusinessMarketRupee slumps to record low of 74.06

Rupee slumps to record low of 74.06

However, the Sensex swung over 660 points both ways on alternate bouts of selling and buying and closed with a gain of 97 points

in volatile trade.

By: ENS Economic Bureau | Mumbai | Published: October 9, 2018 2:12:10 am

The domestic currency crashed below the 74-mark for the first time ever in intra-day trade Friday after the RBI unexpectedly kept the policy rate unchanged.Top News

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The battered rupee Monday plunged by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows. However, the Sensexswung over 660 points both ways on alternate bouts of selling and buying and closed with a gain of 97 points in volatile trade.

The domestic currency crashed below the 74-mark for the first time ever in intra-day trade Friday after the RBI unexpectedly kept the policy rate unchanged. Markets were caught off guard as the ReserveBank maintained status quo on the benchmark interest rate.

On Monday, the domestic currency recovered to a high of 73.76, but failed to sustain the momentum and plunged to 74.10. It finally closed at 74.06, down by 30 paise, marking its fifth straight session ofdecline.

Analysts said the market will remain cautious ahead of the macroeconomic data, US treasury currency report and IMF meeting. “Correction in rupee may be seen if the RBI permits for special dollar swapwindow with some state-run fuel retailers or come up with other options to check Rupee fall,” Mukadam said, adding that the expected trading range in near term is 72.50 – 74.60. The dollar demandstrengthened after China’s central bank eased its domestic policy to support the economy, amid a deepening trade war with the US that has increased pressure on growth in the world’s second largesteconomy.

China’s central bank said Sunday said that it was cutting the reserve requirement rations (RRRs) by one per cent from October 15, which will inject $109.2 billion into the system.

Various factors dragging the rupee to its historical low levels include rising crude oil prices, widening current account deficit and FPI outflows. More importantly there are other external factors at play suchas a stronger dollar on the back of the trade war with China and the sanctions on Iran, Care Ratings said.

Sensex touched a high of 34,636.43 on the back of sustained buying by domestic institutional investors (DIIs), but later turned choppy and hit a low of 33,974.66 as selling pressure gathered momentum.However, it recovered to close the day higher by 97.39 points at 34,474.38. NSE Nifty too recovered by 31.60 points, or 0.31 per cent, to end at 10,348.05.

Yes Bank rose 7.08 per cent, followed by RIL at 5.53 per cent. Hero MotoCorp also surged 5.14 per cent, Kotak Bank 4.62 per cent, SBI 3.18 per cent, Asian Paint 2.99 per cent and ONGC 1.94 per cent.Sector-wise, the BSE oil & gas index topped with a rise of 3.30 per cent, followed by bankex 1.16 per cent, PSU (1.13 per cent), auto (0.73 per cent), infrastructure (0.37 per cent), consumer durables (0.37

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per cent) and power (0.14 per cent) indices.

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