Rupee plunges to fresh record low of 73.77 against dollar

Indian Rupee breaches 73 mark, plunges to fresh all-time low

Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,842 crore Monday, provisional data showed.

As the Rupee hit a record low of Rs 73.77 against the USA dollar, Congress President Rahul Gandhi Thursday said the Indian currency is not breaking, but is "broken".

The dollar rose to near 1-month highs against global currencies. There is anticipation that the RBI will further raise key lending rates by 25 basis points to arrest the rupee's slide. In a clear indication that it is not yet done with rate increases, the central bank changed its stance to "calibrated tightening" from "neutral" that was in place since February 2017, Bloomberg reported.

The Reserve Bank of India (RBI) in its fourth bi-monthly meet today left the repo rate unchanged at 6.50 per cent while the reverse repo rate remains at 6.25 per cent.

At the Interbank Foreign Exchange (forex) market, the domestic currency dropped 49 paise against the USA dollar in the early trade. Indonesia's central bank governor stressed the need to raise interest rates before the Fed to avoid "drastic" capital outflows in the wake of a heavily flagged Fed hike in December.




The 10-year gilt yield stood at 8.061%, down from its previous close of 8.157%.

Mr Khoon Goh, head of Asia research at ANZ Banking Group in Singapore, said the mix of strong United States data and the Fed chair's comments bumped up the dollar and U.S. bond yields, putting downward pressure on Asian currencies.

Hawkish comments about the United States economy by Federal Reserve Chairman Jerome Powell have also boosted the dollar buying.

Meanwhile, the BSE benchmark Sensex dropped by 137.62 points, or 0.38 per cent, to 36,388.52 in opening trade Wednesday. Year to date, it has gained 2%.

"There is too much negativity in the markets as of now and the indices look oversold, which is why a further sharp decline from the current levels is not expected immediately", said Rohit Srivastava, fund manager, Sharekhan-BNP Paribas.

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