United States dollar surges to 15-month high against Singdollar

Anna Jefferson
October 5, 2018

However, it later clawed back some gains as the struggling tender reached 73.67.

However, without any clear signals from the central bank, the rupee crashed to all-time low before settling at 73.34. "It's not breaking - it's Broken".

The macroeconomic problems resulting from a depreciating rupee are not Prime Minister Narendra Modi's only concerns. Higher crude oil prices, demand from defence and oil marketing firms have contributed to the latest bout of weakness.

"Fuel and gas prices are on fire and markets are scurrying".

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

The BSE benchmark Sensex plunged over 550 points Wednesday to slip below the 36,000-level after the rupee collapsed to a new life-time low amid surging crude oil prices and unabated foreign fund outflows.

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.

He said: "You can not wish away the depreciation in the rupee if you are a current account deficit country". India imports more than two-thirds of its oil needs.

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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".

Asian currencies fell on Thursday (Oct 2) after robust United States economic figures and bullish comments from the Federal Reserve boosted the United States dollar, prompting sustained regional outflows. Bank Indonesia added 25 bps to its four previous hikes this year, bringing rates to 5.75 percent as expected, or 150 bps higher since May.

The worldwide benchmark Brent crude breached the U.S. 86 per barrel level, near its four-year high.

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