India's currency falls to all-time low against US dollar

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It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI "cannot afford" a special swap window for oil importers to meet the dollar demand. "It is because of the higher oil prices that weigh on the sentiment".

Anticipation of a rate hike has increased in the past month as oil prices climbed, the rupee's slide accelerated and concerns on liquidity emerged.

"However, if oil comes down to $75 a barrel, then the rupee is expected to retract significantly against the greenback", he noted.

The central bank made a decision to hold the meeting when the country is facing the continuous threat of devaluation of the Indian rupee against the USA dollar, rising crude oil prices and liquidity issue.

Thirdly, global financial markets remained volatile with EME currencies depreciating significantly.

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

She said: "For bond markets, a 25 bps hike accompanied by a hawkish stance could trigger the 10-year bond yield to rise to 8.25 percent".

Meanwhile, the BSE benchmark Sensex dropped by 137.62 points, or 0.38 per cent, to 36,388.52 in opening trade Wednesday. One economist expected a 50 basis point hike to 7%. To alleviate cash crunch fears, the RBI has unexpectedly outlined a large bond purchase programme worth Rs 34,000 crore for October on top of Rs 20,000 crore of purchases last month.

Anindya Banerjee, deputy vice president, currency derivatives at Kotak Securities, added: "The RBI is ready to keep real rates high because the policy mandate is to anchor inflation".

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.

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