Rupee Logs Steepest Single-Day Fall In Over A Month

Rupee Logs Steepest Single-Day Fall In Over A Month

On Friday, the rupee had settled 17 paise lower at 71.25 against the dollar.

Extending its decline to a second consecutive session, the rupee fell by 56 paise or 0.8 per cent on Monday to end at 71.80 versus the US dollar. The yield on 10-year bond rose 3 basis points to 7.41 per cent from 7.38 per cent on Friday. The rupee and bonds came under pressure after credit rating agency Moody’s said that the inability to meet fiscal deficit target for four consecutive years was a big “credit negative” for the sovereign. Meanwhile, the announcement of populist measures for the middle class and farmers in the Budget on Friday also added to pressure in money and debt markets.
[“source-ndtv”]

Author: admin