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Sensex plunges 792 pts, rupee hits 74/$ as RBI holds rates

The rupee has extended losses today as the RBI monetary policy meeting has clearly disappointed the street. The market was expecting at least 25 bps repo rate hike and measures to stabilize the rupee. But the status quo in the policy has disappointed. Given the sell-off in the domestic equities and higher crude oil prices, the rupee is now expected to move towards 75-76 levels in the next couple of sessions.

The recent set of economic data clearly point towards strength in the US economy. As a result, the Federal Reserve is expected to continue on the path of aggressive interest rate hike in coming months. Overall, the situation is quite worrisome for the rupee.

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