RBI keeps repo rate unchanged at 6.5%

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

The greenback rose about 0.3 per cent against a basket of currencies after news that United States service sector activity raced to a 21-year high in September. The prospect of a more aggressive Fed also rattled regional equities.

The rupee touched a low of 73.42 against the dollar, but a staged a late-hour recovery to close at 73.34. Indian equities fell about 1.6 per cent. Traders said the Reserve Bank of India likely intervened to curb the rupee's fall. Bond yields and prices move in opposite directions.

The bank are predicted to act to tackle rising United States interest rates, capital outflows from emerging markets and India's weakening balance of payments and current account deficit.

RBI in its monetary meet has left the repo rate unchanged.

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".

Melania Trump Visits Ex-Slave Holding Facility in Ghana
First lady Trump was given a demonstration of how the hospital weighs babies during wellness checks in a sack-and-pully system. Samuel Kumah, Chief of Protocol, is standing second from left (AP Photo/Carolyn Kaster).

Steve Bruce sacked by Aston Villa
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Brewers, Cubs to meet in NL Central Tiebreaker Monday
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China's financial markets are closed for the week. The rupee has depreciated almost 15 percent this year, becoming the worst-performing currency in Asia apart Indonesia and the Philippines.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.

The central bank retained the repo rate unchanged at 6.50 per cent, while the reverse repo rate also stayed at 6.25 per cent. Oil prices remain vulnerable to further upside pressures, especially if the response of oil-producing nations to supply disruptions from geopolitical tensions is not adequate. Both the indices hit their lowest levels in three months. During April-June India's balance of payments slipped into deficit for the first time in six quarters.

The US dollar strengthened against global peers after economic data signalled a thriving US economy which drove Treasury yields to a seven-year high of 3.23% - a level not seen since mid-2011. India imports more than two-thirds of its oil needs.

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