Your EMIs will not go up but bloodbath in markets, Sensex tanks 900 points..Rupee breaches 74 to new low

Mumbai, Oct 5: The Indian rupee plunged to a fresh record low of over 74 to a US dollar on Friday late afternoon, after the Reserve Bank of India (RBI) maintained its key benchmark lending rates. With RBI not changing the rates, your loan EMIs will  not go up. However, the bad news is that post RBI announcement the Rupee fell to a new low breaching the 74 mark, which means you will have to pay more for imported goods. The second impact of RBI policy was that the Sensex tanked by over 900 points, while Nifty plunged by over 350 points.Just after the RBI announced its decision, post 2.30 p.m., the rupee plunged to over 74 a US dollar -- the lowest ever mark -- it has touched against the greenback.It opened the day's trade at the Inter-Bank Foreign Exchange Market at 73.64 (73.6375) to a dollar from its previous close of 73.58.The RBI belied market expectations of a rate hike, which was expected to arrest the free fall in the rupee's value.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.The policy repo rate under the liquidity adjustment facility (LAF) remained unchanged at 6.5 per cent.The Indian equity indices plunged during the late afternoon trade session on Friday, after the Reserve Bank of India (RBI) changed its policy stance and kept key benchmark lending rates intact.Apart from the policy decision, the free-fall in the Indian rupee's value to over 74 a US dollar eroded investors sentiments.  Sensex lost over 900 points around 3:20 pm, while Nifty lost over 350 pointsNews24 Bureau with Agencies