He tweeted: "Breaking: Rupee slips to 73.77".
Mr Gandhi took aim at Prime Minister Narendra Modi yesterday, accusing him of remaining silent over the rupee crisis.
The central government and mostly BJP-led states announced a cut in excise and Value-Added Tax rates to reduce fuel prices by 5 per litre. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din".
On Wednesday the rupee slipped to a low of 73.42 per dollar as crude oil prices breached the 85 USA dollars per barrel mark, leading to huge outflows of cash. The rupee has lost 110 paise or 1.51% in the three sessions since Monday largely due to strong demand dollar demand from oil importers amid firming oil prices and foreign capital outflows.
Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
India now imports more than two-thirds of its oil needs.
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As per the RBI's fourth bi-monthly monetary policy statement, the key lending rates have been kept intact on the back of an uncertain global economic scenario.
He said: "You can not wish away the depreciation in the rupee if you are a current account deficit country". Of 15 economists surveyed by Mint, 14 expected the RBI to raise the repo rate, the rate at which it lends to commercial banks, to 6.75%.
Anticipation of a rate hike has increased in the past month as oil prices climbed, the rupee's slide accelerated and concerns on liquidity emerged.
India's benchmark 10-year sovereign yield rose to 8.16%. Reportedly, several banks have been raising the interest rates even before the RBI has raised the repo rates in June.
Oil prices have reached four-year peaks as the market focused on upcoming United States sanctions on Iran while shrugging off the year's largest weekly build in United States crude stockpiles.