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The rupee has been caught in a free fall for last few sessions and tagged among the worst performing currencies in Asia having weakened by a steep 13.81 per cent since the beginning of the year.
The company, which sells models like City and Amaze, has been holding the price hike hoping the currency would recover from record low against the dollar.
The rupee had crashed to an all-time low of 72.91 in morning trade tracking higher crude oil prices that increased concerns of widening trade deficit at home.
The domestic currency was quoting 22 paise lower at a fresh record low of 72. 91 against the US dollar in morning trade amid surging crude oil prices.
The rupee has fallen by nearly 15 per cent against the dollar this year and touched a new record low of 72.66 on Monday.
Heightened fears that Washington will slap fresh trade tariffs on China also saw investors seek safety in the dollar and pull out of emerging market currencies.
The National Stock Exchange (NSE) too slipped by 79.90 points to 11,509.20.
Rupee, which has plummeted in the past few days, is likely remain at 70-72 this year, say currency experts.
While the government will brainstorm on the future course of action on these issues, the primary focus of participants will be how to effectively present the government’s rationale behind any decision
RBI’s invisible hand defending rupee at 72 per US dollar, along with stability in emerging market currencies, helped the domestic unit recover from the carnage.
The benchmark indices continued their downward spiral on Wednesday, while rupee touched another record low, sparking fears of an impending rate hike next month.
According to Arun Jaitley, the recent trend in the Indian rupee's devaluation has been caused due to external factors.
The domestic currency opened on a positive note at 19 paise higher than its previous close of 70.80 per dollar, perhaps led by the strong GDP data, but began losing steam.
The looming imposition of US sanctions on Iran in November is pushing crude oil rates up, while the weakening rupee is making it even costlier for Indian consumers.
On Friday, the rupee recovered to end higher by 20 paise at 69. 91 against the US currency on bouts of dollar selling by exporters and corporates.