Rupee Hits New All-Time Low Of 73.77 Against Dollar

RBI Governor Urjit Patel in Mumbai Friday

RBI Governor Urjit Patel in Mumbai Friday

The dramatic drop sparked furious comments from Rahul Gandhi, the Indian National Congress, who expressed his dismay at the turbulent rupee. "It's not breaking - it's Broken".

On Monday, the rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar amid a strengthening greenback and steady capital outflows.Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

With a general election due by May next year, Prime Minister Narendra Modi's Hindu nationalist party will want to campaign on strong economic growth and success in containing inflation.

"Fuel and gas prices are on fire and markets are scurrying".

The BSE benchmark Sensex plunged over 550 points Wednesday to slip below the 36,000-level after the rupee collapsed to a new life-time low amid surging crude oil prices and unabated foreign fund outflows.

White House slams 'ridiculous' NYT report on Kavanaugh's college ice-throwing incident
The report says Dudley denied throwing a glass at Cozzolino, while Kavanaugh did not want to say whether or not he threw the ice . While a student at Yale, Kavanaugh got into a bar fight with a patron he mistakenly believed to be UB40 singer Ali Campbell.

"Till when will the 56-inch chest be on "silent mode".

Traders remained cautious ahead of the Reserve Bank of India's policy meet scheduled later this week.

India now imports more than two-thirds of its oil needs. Indonesia has a large current account deficit stemming from its oil imports. The question was only of timing, said Radhika Rao, an economist at DBS in Singapore. The rupee has been performing poorly for the past few months and the rise in repo rate is seen as an attempt by the RBI to curb further price fall.

US Treasury yields jumped to multi-year peaks on Wednesday, with the 10-year yield reaching a seven-year high after Wednesday's robust data bolstered the case for the Fed to raise interest rates again in December and beyond.

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

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