Rupee falls to 74 vs USD for first time ever, Sensex dives 550 points, Nifty below 10,400 after RBI policy

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Published: October 5, 2018 2:52:15 PM

The benchmark BSE Sensex plunged more than 500 points to an intra-day low of 34,663.86 points in mid-afternoon trade deals and NSE Nifty tested the 10,400 level as RBI kept the rates unchanged in its monetary policy review.

The oil and gas stocks continued to drag the equity markets lower, coupled with negative global cues and a weak rupee. (Reuters)

The benchmark BSE Sensex plunged 550 points to an intra-day low of 34,663.86 points in mid-afternoon trade and NSE Nifty tested the 10,400 level after RBI kept the rates unchanged in its monetary policy review. The rupee, for the first time ever, fell below 74-mark versus US dollar today. Yesterday, rupee touched record low of 73.81 per dollar, ended down 24 paise versus Wednesday’s close 73.34 per dollar.

The oil and gas stocks continued to drag the equity markets lower, coupled with negative global cues and a weak rupee.

Meanwhile, the Reserve Bank of India today kept the repo rate unchanged at 6.5%, surprising the market, which had widely expected a rate hike of 25 basis points. However, the MPC changed the stance from ‘Neutral’ to ‘Calibrated Tightening’.

Meanwhile, Asian shares wobbled on Friday after benchmark U.S. Treasury yields surged to a fresh seven-year high and strong economic data fanned concerns about the risk of faster-than-expected interest rate rises, said a Reuters report. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, while Japan’s Nikkei average closed down 0.8% and Hong Kong’s Hang Seng slipped 0.1%.

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