The rupee hit the record low in Wednesday trading - sinking to 73.34 per dollar. In a clear indication that it is not yet done with rate increases, the central bank changed its stance to "calibrated tightening" from "neutral" that was in place since February 2017, Bloomberg reported.
The decline steepened in recent weeks as rising crude price - India imports two-thirds of its oil needs - and a sell-off by investors in emerging markets cranked up the pressure on the country's external balances. Bank Indonesia added 25 bps to its four previous hikes this year, bringing rates to 5.75 percent as expected, or 150 bps higher since May.
The bank are predicted to act to tackle rising U.S. interest rates, capital outflows from emerging markets and India's weakening balance of payments and current account deficit.
China's financial markets are closed for the week.
The Reserve Bank of India has chose to keep the repo rate unchanged at 6.5 per cent.
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"Fuel and gas prices are on fire and markets are scurrying".
The benchmark Sensex plunged by 527.94 points, or 1.39%, to 35,447.69 in morning deals.
DBS economist Radhika Rao also predicted a rate hike.
The IL&FS debt problems have pushed up short-term interest rates sharply with one-year commercial paper rising by almost 70 basis points to 9.20 per cent since early August, while the one-year treasury bill rate is up 50 bps to 7.73 per cent.
India's benchmark 10-year sovereign yield rose to 8.16%. "The biggest policy anchor for rupee is high real rates".
US Treasury yields jumped to multi-year peaks on Wednesday, with the 10-year yield reaching a seven-year high after Wednesday's robust data bolstered the case for the Fed to raise interest rates again in December and beyond.