05 Oct : News Express 24 :-
The BSE benchmark Sensex fell by 9 00 points while the rupee fell to the lowest level against the dollar for the first time since the Reserve Bank of India decided to keep the repo rate steady. So, the rupee appreciated to 74.10 against the dollar.
Rupee crosses 74 against US Dollar; now at 74.10 pic.twitter.com/gPZTgSkI8s
— ANI (@ANI) October 5, 2018
According to economists, the Reserve Bank can increase the repo rate by 0.25 percent to stop rupee depreciation against the dollar. It was not, however, that the Reserve Bank decided to retain the repo rate. The efforts made by the Reserve Bank of India to stop the rupee depreciation has not been particularly successful. This makes importing expensive.
On Friday, the rupee started at 7 paise lower in the currency market. The rupee has started at a price of $ 73.65 per dollar. On Thursday, the rupee closed at 73.58 dollars a barrel. The rupee had reached the lowest level of 73.82 on Thursday. After this, it has improved and closed at 73.58.
This year, the rupee has fallen by about 15 percent compared to the US dollar. According to analysts, the demand for the dollar is increasing due to rising crude oil prices. In addition, the US Treasury Yield has brought the dollar to a 1-month high level compared to the global currency due to market growth. According to economists, the rupee is likely to hit the rupee at USD 74 per barrel.
Due to the absence of any change in interest rates, the stock market witnessed a major downfall. The result was the collapse of the Sensex. Meanwhile, shares of Sun Pharma, IndusInd Bank, Infosys, Yes Bank, TCS, Kotak Bank, L & T, Bharti Airtel and Tata Motors were up. On the other hand, ONGC, RIL, HUL, ITC, SBI, Maruti, Wipro and HDFC Bank declined.