Rupee plunges to fresh record low of 73.77 against dollar

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

The greenback also shot to its highest so far this year on the yen and an all-time high against the Indian rupee.

The current account has faced additional pressure as India, like many emerging market economies, has also suffered due to rising US interest rates drawing investors away.

Traders were concerned that a rise in U.S. interest rates and expensive oil could lead to fiscal slippage, increase inflationary pressures and raise the chances of the Reserve Bank of India (RBI) increasing interest rates in its monetary policy review later this week. Indian bond yields spiked as prices fell. The comments raised the possibility of another Bank Indonesian rate hike before mid-December although it has already raised interest rates five times since mid-May.

He said: "You can not wish away the depreciation in the rupee if you are a current account deficit country".

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

Kudlow: Trump's US-Mexico-Canada Trade Agreement 'Sends a Message to China'
However, the deal is expected to contain key provisions on Canada's dairy industry and vehicle exports to the US. Mexican President-elect Andres Manuel Lopez Obrador embraced the new deal.

China's financial markets are closed for the week.

The partially convertible rupee hit a life low of 73.82 per dollar before recovering to 73.62/63 by 0710 GMT.

To alleviate cash crunch fears, the RBI has unexpectedly outlined a large bond purchase programme worth 340 billion rupees ($4.61 billion) for October on top of 200 billion rupees of purchases last month. Government on Wednesday said that it will allow state oil marketing firms to raise $10 billion in overseas loans to help them deal with a sharp rise in crude oil prices and a falling rupee currency.

Mumbai:The rupee fell past the 73 mark and bond yields climbed over 12 basis points on Wednesday after crude oil surged to almost $85 per barrel, a near four-year high.

India now imports more than two-thirds of its oil needs.

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