Rupee crashes below 73-mark against dollar

Rupee crashes below 73-mark against dollar

Indian rupee ended at a record closing low of 73.34 per dollar on Wednesday on the back of strong demand for U.S. dollar from importers amid rising global oil prices. At 9.05 am, the rupee had sobered slightly was trading at 73.30. Indian markets were shut Tuesday for a holiday.

The rupee recovered to 73.04 to a dollar after touching an all-time low on Wednesday, after State-run banks were spotted selling dollars on behalf of the RBI, currency dealers said.

The Reserve Bank of India stepped into the market to sell dollars, helping the rupee retrace to as much as 73.23 to the dollar. The Monetary policy committee may raise rates by 25 basis points on Friday, the third time this year, amid a higher crude and the weakening rupee, according to a Bloomberg survey.

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"The pace of fall in the rupee starts to accelerate as the depreciation matures", said Anindya Banerjee, deputy vice president, currency derivatives at Kotak Securities.

Indian stocks were also down dragged by financials and auto stocks such as ICICI Bank Ltd and Eicher Motors Ltd. Intraday, the Sensex hit a low of 35,911.82 and the Nifty touched 10,843.75. The rupee plunged below the 73-mark amid strong demand for the American currency from oil importers and unabated capital outflows.

Down more than 12 percent as Asia's worst currency in 2018, predictions that crude - India's biggest import - could return to $100 per barrel signal that things may get a lot worse for the rupee in the final three months of the year.

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