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04 October 2018, 03:26 | Joann Bryant
Sensex falls over 200 points, Nifty slips below 11,000
DBS economist Radhika Rao also predicted a rate hike. It had closed at 73.3350 on Wednesday. The sharp fall in rupee value came as a shock to many investors and shareholders.
Yesterday, the rupee recovered to 73.04 to a U.S. dollar after touching an all-time low after the RBI intervention.
Confidence has ebbed in India's markets in recent weeks.
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.
Among key stocks, the shares of Infrastructure Leasing & Financial Services (IL&FS) Group companies rallied by up to 20% in intraday trade amid reports the government may move to seize control of the management of an Indian financier that's roiled markets by defaulting on debt, with the move coming just after the beleaguered company unveiled details of a restructuring proposal.
Emerging market central banks including Indonesia, Argentina, Philippines and Turkey have raised rates to contain inflation pressures and currency weakness with the U.S. Federal Reserve set to keep raising rates.
The rupee hit the record low in Wednesday trading - sinking to 73.34 per dollar.
The 10-year benchmark bond yield has risen by 50 basis points to 8.20 percent since the last policy-making meeting in August.
The NSE Nifty fell 93.55 points, or 0.85 per cent, to 10,914.75.Top laggards include Maruti Suzuki, Asian Paint, TCS, Coal India, HDFC Bank, SBI and IndusInd Bank, falling up to 2.18 per cent.
India's gold imports are expected to rise further in the fourth quarter, putting the trade balance under more pressure, as investors seek hedges against faltering equities and the weak rupee.
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