Rupee Plunges

During the session, the domestic unit touched an intra-day high of 72.90 and a low of 73.13 against the American currency

India's total external debt as on March 31 was $529.3 billion, of which $202.2 billion are external commercial borrowings

The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent, marking its third straight session of losses

However, the announcement came after the market closure, after the rupee witnessed a sharp decline on news that the central bank had refused to open a dollar-swap facility for the OMCs

Effectively, the rupee has depreciated 2 per cent in real terms against a basket of six currencies since January 2017

It is important to ensure that India is competitive. As such, Rs 72-73 to a dollar may be the right level

The effects of rupee hammering are being felt in the forex market. Corporates with outstanding ECBs are now seriously worried about the currency situation

The IT sector, which has the second-highest weightage in the Sensex after the financial sector, has been a key contributor to the 10% gain for the benchmark this year

Bond yield at 4-year high as CAD widens to the most in five years

The rupee fell to a record low of 72.11 to the dollar at one point, with strong bids for dollars coming after 70 was hit, traders said

Intra-day, the domestic unit plummeted to a historic low of 71.97 a dollar before finding some respite, staging some recovery towards the tail-end

The rupee hit a life low of Rs 71.57 to a US dollar earlier on Tuesday, making imports costlier and putting price pressures

India has inflation in control 'which gives us some space to allow this process to happen', says Sanjeev Sanyal

These funds allow you to benefit from global growth and are especially suited for investors who want to send their children abroad for higher education, or buy a house overseas

For one, part of the gains stemming from the rupee's recent decline are offset by similar declines in currencies of other exporting countries

Most domestic corporates, barring a few, can withstand the ongoing rupee plunge as the share of their dollar-linked earnings largely balance the share of their greenback-denominated debt, says a report. The rupee fell beyond Rs 70 to the dollar, closing at an all-time low yesterday at 70.15, while today the market was closed. So far, the rupee has lost close to 9 per cent, making it one of the worst performers among the large currencies. "A weaker and more volatile rupee would likely result in increased hedging costs for companies, while the same may benefit exporters," an S&P report said today. "Most corporates can withstand the rupee plunge as the share of their dollar-linked earnings largely balance the share of their greenback-denominated debt. A few of them will be negatively affected, but not severe enough to impact their credit ratings," S&P said. The report further said it expects the credit profile of rated infrastructure companies to be largely protected

Rupee should be realistically valued and should not be overvalued, he said

The last fortnight was excellent for big stocks. The Nifty is very close to an all-time high and looks capable of going north but smaller stocks have continued to take a hammering

A weak currency is good for exports. In India's case, the script is not so straightforward

The Reserve Bank of India (RBI), however, will not be comfortable with the currency touching 70 and would strongly defend the same