Thursday, 15 December 2016

Rupee, bonds slide on Fed stance

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The rupee fell to a one-week low on Thursday, while bonds also slumped after the US Federal Reserve signalled a faster-than-expected pace of tightening next year, raising concerns about outflows from emerging markets. There was no sign of Reserve Bank of India intervening in the currency market, but dealers said the central bank could step in if the rupee fell sharply. 

The rupee fell to as low as 67.8350 to the dollar, the lowest since November 7, from Wednesday's close of 67.44, while the 10-year benchmark bond yield rose 6 basis points to 6.46 percent. The National Stock Exchange benchmark index gained 0.4 percent, after earlier falling as much as 0.73 percent, as investors also felt recent falls were overdone.

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