RBI keeps repo rate unchanged at 6.5%

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The rupee hits new low of 73.77 by plunging 43 paise against USA dollar on Thursday. The rupee closed at 73.77 against the USA dollar on Thursday.

The central bank's Monetary Policy Committee said that "global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook". It was further boosted when Fed chairman Jerome Powell suggested that moving beyond neutral interest rates was a possibility. South African rand, Mexican peso and Australian dollar also dropped up to 1.5%.

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 per cent - a level not seen since mid-2011.

Oil prices have reached four-year peaks as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year's largest weekly build in United States crude stockpiles.

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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.

Foreign investors remained net sellers for a third day pulling out ₹2,760.63 crore from stock markets.

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

Besides, state-owned oil marketing companies have been allowed to raise Dollars 10 billion from overseas market to meet their working capital needs. It came down to United States dollars 17.4 billion in August.

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At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

A rally in crude oil prices is expected to put more pressure on the rupee and it may send it near the 74-mark, said analyst Bhaskar Panda.

However, without any clear signals from the central bank, the rupee crashed to all-time low before settling at 73.34.

The rupee is trading at 20.17 against the UAE dirham.

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