In a volatile trade at the inter-bank forex marketon Wednesday, the rupee opened below the 73-mark at 73.26 against the dollar as it moved in sync with oil prices which at one time breached the $85-per-dollar mark and settled a tad lower at $84.86 per barrel.
India's central bank kept its key benchmark rates unchanged in a surprise decision, on Friday, while shifted its policy stance to "calibrated tightening" from neutral.
The usual central bank response to a weak currency is aggressive policy tightening, like Indonesia and the Philippines, who have had 150 bp rate hikes recently.
"Inflation is projected at 4 per cent in second quarter (July-September) 2018-19, 3.9-4.5 per cent in H2 (October-March) and 4.8 per cent in Q1:2019-20 (April-June), with risks somewhat to the upside", it added. Market is reacting strongly to Brent crude movements and with current pace 75 can likely be seen if crude touches 88-90 levels.
Mr Khoon Goh, head of Asia research at ANZ Banking Group in Singapore, said the mix of strong U.S. data and the Fed chair's comments bumped up the dollar and USA bond yields, putting downward pressure on Asian currencies.
Meanwhile, RBI Governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.
Saudi king won’t last two weeks without USA support Trump has vowed to squeeze Iran's oil exports down to a trickle, pushing oil prices to historical high since 2014. Prices have advanced 2.2 percent for the week, capping the longest streak of weekly increases since January.
Streaming exclusives are driving consumers back to piracy For example, a downloaded copy of Call of Duty Black Ops uses up to 101GB of data, the equivalent of 14 hours of 4K video. In the U.S., Amazon Prime Video has now outperformed YouTube in information utilization (7.7% versus 7.5%).
Brewers defeat Rockies 4-0 in Game 2 of NL Division Series The American League's last two World Series representatives will duke it out with Cleveland winning in a decisive fifth game. FanGraphs likes the Dodgers and Indians , although neither team was overwhelming during the regular season.
The fact that higher interest rates will compound the liquidity problem was a setback for the consensus view on the RBI policy.
The rupee, which is now Asia's worst-performing tender and has lost around 14 percent of its value against the U.S. dollar this year, has been under pressure from rising oil prices and higher USA interest rates. "I feel there will be an increase of 25 basis points in the repo rate", Union Bank of India managing director and chief executive Rajkiran Rai G said.
"The first thing that came to my mind when I saw the decision was that RBI seems to be more confident than the market on the dollar-rupee", Ashish Vaidya, executive director and head of trading at DBS Bank in Mumbai.
High oil prices have been squeezing the rupee, making it less appealing to investors, analysts say.
In the latest of a series of attempts to calm markets, the government late on Wednesday said it would allow state oil marketing companies (OMCs) to raise $10 billion in overseas loans to help them cover the sharp rise in price for imported oil. Home loan rates remain untouched - in theory, as per the RBI's stance.
India's wholesale inflation fell to a four-month low of 4.53 per cent in August on softening of food prices. Going forward, the inflation outlook is expected to be influenced by several factors, RBI said.
It had me expecting that the Red Devils would win 5-0 and Mourinho would be living it large in his smug way post match. Also in contention for the Red Devils are Phil Jones, Andreas Pereira and Diogo Dalot.
Amazon confirmed warehouse workers would no longer get those stock options but would allow employees to buy shares at a discount. Workers in different parts of the world went on strike during the company's Prime Day promotion over the summer.
During the past two weeks, dozens of people who have known him came forward to support one version of Kavanaugh or the other. Steve Daines of Montana, who supports Kavanaugh but was in Montana to walk his daughter down the aisle at her wedding.
Nurmagomedov's 2012 debut led a charge of Dagestani fighters into the UFC, and he has remained the most fearsome of the bunch. It nearly did not matter, as Nurmagomedov was already sort of the uncrowned lightweight champion going as far back as 2015.
Jeff Flake , R-Ariz., who has repeatedly battled with Trump and will retire in January, wavered but also backed Kavanaugh. Brett Kavanaugh was sworn in as a Supreme Court justice Saturday night after the bitterly polarized U.S.
Melania Trump meets with Egyptian President Aabdah Fatal Al-Sisi and the first lady, during her final stop in her visit to Africa. Melania's comments about victims of abuse come just days after her husband Donald Trump made headlines for mocking Dr.
The 59-year-old Khashoggi went missing Tuesday while on a visit to the consulate for paperwork to marry his Turkish fiance. The Committee to Protect Journalists said it was alarmed by reports Khashoggi may have been killed inside the consulate.
Ford had been asking for an Federal Bureau of Investigation inquiry into Kavanaugh since she came forward with her allegations. Daines made clear he wouldn't be in attendance if there was a Saturday vote to GOP leaders earlier this week, a source says.
It was that body of work along with his overall numbers that led the Yankees to pick Severino over Masahiro Tanaka and J.A. But bullpenning wasn't the reason for Oakland's 7-2 defeat Wednesday night at Yankee Stadium.
We have played against five of the top six already. "We showed today that we have got some threat, certainly in the first half". However, the Spaniard is hopeful things can change as he claims he is seeing improvement from his squad.
Manchester United's fixture list looks imposing. " Jose Mourinho is one of the best managers in the world". I have zero confidence it will last long and I don't see him still being in his job all season.
Liverpool v Manchester City — Big Match Focus
Klopp has been described as Pep Guardiola's nemesis but the German insisted there is no magic formula to beating City. And Klopp had high praise for his opposite number ahead of the meeting between the two teams at Anfield on Sunday .
Windows 10 October Update Is Deleting People's Files
Microsoft has "paused" the rollout of a huge new update to Windows 10, which had started going out to users earlier this week . Users who have manually downloaded the update have been advised to not "install it and wait until new media is available".
British man dies after being bitten by sea snake in Australia
The society added that most bites reportedly occur on fishing trawlers, as workers pull in nets, as was the case in this case. Craig Garraway, St John Ambulance operations manager, said that authorities responded to a call from the boat for help.
Kuldeep leads dominant India to its biggest Test win
West Indies opener Kraigg Brathwaite walks away after he was bowled by Mohammed Shami on the second day of the opening Test. Team India literally annihilated Windies in the first of the two-match Test series in Rajkot.
Turkey summons Saudi envoy over missing journalist
He failed to emerge from the building, with his fiancé raising the alarm and Turkish authorities investigating the incident. He was also required to surrender his mobile phone - which is standard practice in some embassies and consulates.
Senate confirms Judge Brett Kavanaugh for US Supreme Court
But Murkowski ultimately withdrew herself from the final tally as a gesture of goodwill toward her Republican colleague, Sen. Following the accusations, both Ford and Kavanaugh gave emotional testimonies in front of the Senate Judiciary Committee.