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Market move▼ Bearish for Indian equities
Rupee slumps 37 paise to close at 96.31 against US dollar
The brief
- Rupee fell 37 paise to close at 96.31 against the U.S. dollar
- Traders expect a negative bias amid global risk aversion and rising Treasury yields
- Rupee weakness raises costs for Indian importers, including oil, aviation and electronics companies
- US 10-year yield at 24-year high rattles Nifty, rupee and bond markets. Why is India hit hard?
- Another stock market crash: Nifty, Sensex tank - FII selling, high bond yields, among 5 reasons behind big plunge
- RBI forex swaps open lower-cost dollar funding route for Indian firms
- A weak rupee would push RBI to follow tightening path
- India RBI's FX forward book tipped to shrink after touching $200 billion