RBI no saviour, Rupee at 74 door against dollar in opening trade

Indian rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday in the wake of RBI signalling it is not going to be shoring it up. - the US currency has gained in global markets amid unabated foreign fund outflows.   

RBI no saviour, Rupee at 74 door against dollar in opening trade
Indian rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday in the wake of RBI signalling it is not going to be shoring it up. Image source: Reuters
By ZeeBiz WebTeam
Updated: Mon, Oct 08, 2018
11:10 am
ZeeBiz WebDesk
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Indian rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday in the wake of RBI signalling it is not going to be shoring it up. - the US currency has gained in global markets amid unabated foreign fund outflows. The dollar strengthened after China's central bank eased its domestic policy to support the economy. Analysts are eyeing a fall as far as Rs 75 mark now due to spiking oil rates.

Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment.

On Friday, the rupee had lost 18 paise to end at record low of 73.76 after collapsing to a life-time low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged.

Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

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China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second largest economy.

Meanwhile, the benchmark BSE Sensex continued to fall, losing another 67.72 points, or 0.20 per cent, to 34,309.27 in early trade Monday. 

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