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Forex dealers said the greenback's strength against other currencies overseas, after reports that China had cancelled upcoming trade talks with the US, weighed on the Indian rupee.
The Indian government estimates that the measures like allowing Indian banks to become market-makers, will increase capital inflows by USD 8-10 billion, or 0.3-0.4 per cent of GDP in the next year.
Markets will also take global cues from the US Federal Open Market Committee’s (FOMC) decision on interest rates, while developments in the US-China trade war will be closely monitored.
About 67 per cent people participating in an online poll said import duty on gold and diamond should be increased while 37 per cent favoured import restrictions on the same.
The rupee is the worst performing emerging market currency having lost almost 14 per cent since January this year.
Earlier this month, Honda Cars India said it may have to go for yet another price hike due to the falling rupee.
Manoj Tiwari pointed out that party's concern has increased as the Monitoring Committee has imposed a condition of depositing one lakh rupees with the de-sealing application.
Panic dollar demand from importers and speculative traders sent the home currency sinking to a historic low of 72.99.
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.
The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the U.S. dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday.