{"id":4877,"date":"2018-10-03T11:48:12","date_gmt":"2018-10-03T06:18:12","guid":{"rendered":"https:\/\/www.oyspa.com\/blog\/?p=4877"},"modified":"2018-10-03T11:48:12","modified_gmt":"2018-10-03T06:18:12","slug":"rupee-hits-lifetime-low-of-73-34-against-dollar","status":"publish","type":"post","link":"https:\/\/www.oyspa.com\/blog\/news\/rupee-hits-lifetime-low-of-73-34-against-dollar\/","title":{"rendered":"Rupee hits lifetime low of 73.34 against dollar 10 Things To Know"},"content":{"rendered":"

INR Vs USD: Sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.<\/h2>\n

The\u00a0rupee plunged 43 paise to hit\u00a0all-time low of 73.34 against US dollar in morning trade on Wednesday, reported Press Trust of India (PTI). Sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.\u00a0Strong demand for the American currency from importers and unabated capital outflows also affected the domestic currency, said analysts.\u00a0At the forex market, the rupee opened lower at 73.26 and weakened further to quote at 73.34 a dollar against its\u00a0Monday’s closing\u00a0of 72.91.\u00a0Forex markets were closed\u00a0on Tuesday\u00a0on account of Gandhi Jayanti.<\/p>\n

\"\"<\/a><\/p>\n

Here are 10 things to know about rupee:<\/strong><\/p>\n

1.\u00a0The benchmark 10-year bond yield was up 6 basis points at 8.05 per cent\u00a0on Wednesday.<\/p>\n

2.\u00a0Higher crude prices would continue to weigh on domestic bonds and the rupee. The crude prices are likely to prevail over liquidity easing measures announced by the RBI. The next domestic trigger would be the tone of the RBI policy on Friday, forex advisory firm IFA Global said in a note.<\/p>\n

3.\u00a0“Sharp rise in the crude oil prices along with steep depreciation in the rupee might push inflation higher in coming months. Sharp volatility in the domestic equities and steep FIIs outflows from equity and debt segments are keeping sentiments bearish for the rupee”,\u00a0Rushabh Maru, research analyst at Anand Rathi Shares and Stock Brokers told .<\/p>\n

4.\u00a0Globally, oil prices firmed on expectations of a tighter market once US sanctions start targeting Iran’s petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Brent crude oil futures were near $85 per barrel on Wednesday.<\/p>\n

5. Brent and WTI (West Texas Intermediate) earlier this week both reached levels last seen in November 2014, and the two contracts have risen by around 20 and 17 per cent respectively since mid-August.<\/p>\n

6. The Reserve Bank of India (RBI) is likely to increase the repo rate\u00a0in the upcoming monetary policy review. “Focus would now shift to the RBI monetary policy meeting. There is a buzz of repo rate hike by 25 bps and possible change in the monetary policy stance by the RBI. More importantly, its guidance will be crucial. Market will also keenly watch whether the RBI announces any crucial measures to stabilize the rupee. In the near term, the rupee might trade in 72.50 and 73.80 range”, added Mr Maru.<\/p>\n

7. The\u00a0Reserve Bank of India (RBI) on Monday\u00a0said that it would pump\u00a0Rs.<\/span>\u00a036,000 crore into money markets in October, pledging to buy back government bonds as part of a bid to quell fears of a credit crunch cascading through the economy.<\/p>\n

8. The Indian rupee is down more than 12 per cent\u00a0in 2018. There are predictions that crude could return to $100 per barrel. Hence, signalling\u00a0that things may get a lot worse for the rupee in the final three months of the year, said a\u00a0Bloomberg report.<\/p>\n

9. In 2013, the currency had rallied in the October-December period following a two-quarter plunge of more than 13 per cent on indications the Federal Reserve would wind back stimulus.<\/p>\n

10.\u00a0Foreign institutional investors (FIIs) sold shares net worth a net of\u00a0Rs.<\/span>\u00a01,842 crore on Monday, provisional data showed.<\/p>\n","protected":false},"excerpt":{"rendered":"

INR Vs USD: Sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[],"class_list":["post-4877","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/paZdga-1gF","jetpack-related-posts":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/posts\/4877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/comments?post=4877"}],"version-history":[{"count":1,"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/posts\/4877\/revisions"}],"predecessor-version":[{"id":4880,"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/posts\/4877\/revisions\/4880"}],"wp:attachment":[{"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/media?parent=4877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/categories?post=4877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oyspa.com\/blog\/wp-json\/wp\/v2\/tags?post=4877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}