INSUBCONTINENT EXCLUSIVE:
After a whipsawed morning trade, the Indian rupee joined stocks and bonds in a choreographed south-bound journey late afternoon
Tuesday,
to 68.11 against the dollar: The rupee retreated 59 paise, or 0.9%
This is the weakest close for the rupee since January 24, 2017
Bond yields, too, raced to a three-year high of 7.91%, with the yield on ten-year sovereign debt surging 29 basis points in the past seven
in Mumbai, poll data suggested that the BJP would fall short of securing an absolute majority on its own in the state, the only southern
province it has previously administered.
Crude oil prices, meanwhile, have crossed $78 per barrel compared with $71.82 a month earlier
currency analyst at Kotak Securities
have lost money as it short-sold dollars, dealers said
Mumbai-based firm.
The benchmark bond yield hit a three-year high as overseas investors exited debt investments to bet on US Treasuries that
crossed the crucial 3% mark.
Foreign portfolio investors have sold about Rs 14,800 crore worth of bonds and equities this month, with the
rising US yields burnishing the allure of safe-haven assets.
