Indian rupee falls to 66.47 to the US dollar post Bihar election outcome
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Even as the grand alliance went on to win the most watched Bihar elections, the Rupee on Monday fell to 66.47 levels, as was anticipated by analysts with the BJP led NDA government losing for the second time post losing Delhi.
Last week had seen significant sell-offs from foreign portfolio investors to the tune of $548 million in a matter of six days.
Such a continuous outflow was seen five and a half months before only in mid-May.
The benchmark 7.72% yielding bond maturing in 2025 touched 7.74% in intraday trade losing all the gains it had made post the Reserve Bank of India’s September 29 monetary policy when the repo rate was cut by 50 basis points.
Tough times for the Indian currency may not be over yet even as the US Federal Reserve is planning to hike its interest rates this year which may turn out to be amother dampener for Rupee.
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