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The rupee is the worst performing emerging market currency having lost almost 14 per cent since January this year.
The economists gave a 60 per cent probability for RBI staying on hold, they said, adding that "one cannot rule out" a hike on currency weakness and higher oil prices.
Rupee has been punished for the country's widening trade gap and swept into the broader emerging market turmoil caused by rising U.S. interest rates and an escalating U.S.-China trade conflict.
Macroeconomic data announced during the week as well the news of the Prime Minister’s impending meeting on Saturday have been positive for the markets.
Jaitley said that external factors such as policies adopted by the US, trade war and crude oil prices were impacting economies like India, despite “strong fundamentals”.
Sanjay Johri, chairman of Voltbek Home Appliances, said that if the prices wouldn’t have been increased before the festive season, the growth would have been much stronger.
The rupee plumbed a new life-time low of 72.73 to a dollar, falling 28 paise Tuesday on strengthening American currency as crude prices went past the USD 78 a barrel mark.
The silver lining is the depreciating Indian rupee, as many NRIs are mulling to invest in residential properties.
Forex dealers said besides strong demand for the American currency from importers, capital outflows mainly weighed on the domestic currency.
A strong dollar in global markets on hopes that the greenback would gain from trade dispute triggered dollar buying by banks and importers in afternoon trade.
Rising for the third day, the rupee appreciated by 23 paise to trade at a three-week high of 68.32 against the US dollar today amid easing food prices.
Continuing its free fall for the fourth straight session, the Indian rupee yesterday hit a record closing low of 68.79, showing a fall of 18 paise against the US dollar.
The statement by Interim Finance Minister Piyush Goyal comes against the backdrop of the rupee breaching the 69-mark versus the US dollar and touching lifetime lows on Thursday.
The rupee hit an all-time low against the US dollar on Thursday, while markets predict the Asia’s worst performing currency to breach 70-71 levels.
The rupee declined by 42 paise to hit a fresh 1-month low of 67.54 per dollar in early trade today due to appreciation of the American currency overseas and outflows of foreign fund.