Rupee falls further, now hits 72.66 per USA dollar

Rupee falls further, now hits 72.66 per USA dollar

The crude import bill for the world's fastest-growing oil user surged 76 percent in July from a year earlier, highlighting the rupee's vulnerability.

The rupee recovered slightly from intraday low of 72.67 on RBI intervention.

The value of the rupee hit another record low on Monday, as the trading week began with the rupee opening below the 72-mark against the dollar.

He said the Reserve Bank was doing whatever is necessary to deal with the situation. In June, the RBI had sold more than $6 billion in the spot market.

The rupee plunged to a new low of 72.66 against the U.S. dollar, losing 94 paise from the previous closing mark.

The government has asked the Reserve Bank of India to bolster efforts to support the rupee, Asia's worst-performing currency of the past month, people familiar with the matter said.

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The Indian rupee has depreciated 13 per cent so far in 2018.

According to dealers, investors are concerned over economies that are expected to experience worsening balance of payments position.

The local currency hit another record on Monday after data showed that India's current-account deficit widened to the most in five years.

Morgan Stanley expects inflation to accelerate prompting the central bank to hike interest rates by 50 basis points (bps), including 25 bps in the next policy review due in early October.

10-year govt bond yield dramatically rose to 8.14 up 1.46%.

"A sustained "weakening of the rupee would be credit negative for its rated Indian companies, particularly those that generate revenue in rupees but rely on the U.S. dollar debt to fund their operations and have significant dollar-based costs, including capital expenses", Moody's said".

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