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The rupee Friday breached the 74-mark against United States dollar for the first time as the Reserve Bank of India announced its key policy rate would remain unchanged.

"On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) made a decision to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent", RBI said in a statement on Friday.

Tweeting in Hindi, the Times of India reported that he said: "The rupee has crossed the 73 mark and price rise is causing an outcry".

"However, if oil comes down to $75 a barrel, then the rupee is expected to retract significantly against the greenback", he noted.

The rupee, which inched towards 74 to the dollar on Thursday, has fallen 13.5 per cent in 2018, making it Asia's worst-performing currency.

While no changes have been made to the repo rate, the bank has changed its stance from "Neutral" to "Calibrated Tightening".

Actress Fan Bingbing fined US$70 million for tax evasion
This saw her top Forbes magazine's list of China's highest earning celebrities, holding the title for a fourth year in a row. According to reports, Fan Binbing, 37, lied to authorities about how much money she received for certain film projects.

China's financial markets are closed for the week.

India's inflation rate was 3.69 per cent in August and is expected to go above the RBI's projected 5 per cent by June 2019 on higher fuel prices, the weak rupee and strong consumer spending. "We rule out a hike of 50 basis points, as it may spook the market".

The benchmark Sensex fell 1.68% to 34577.99 points.

The 10-year gilt yield stood at 8.061%, down from its previous close of 8.157%. To alleviate cash crunch fears, the RBI has unexpectedly outlined a large bond purchase programme worth Rs 34,000 crore for October on top of Rs 20,000 crore of purchases last month. "The biggest policy anchor for rupee is high real rates".

Other Asian central banks in nations running trade deficits and exposed to portfolio outflows and higher oil prices have shown more urgency in hiking interest rates.


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