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Rupee Falls To Record Low; Bond Yields Hit 5-Year High

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(Reuters) - The rupee hit a record low on Monday as defence of the currency failed to stop its decline but exacted a rising toll, with bond yields surging to five-year highs and investors demanding higher returns in an auction of cash bills.

The partially convertible rupee tumbled as far as 63.30 to the dollar despite measures in recent weeks by the central bank and government to defend it. It ended at 63.13/14, down 2.3 percent, its biggest single-day fall since September 22, 2011.

Efforts to prop up the currency, which has tumbled nearly 13 percent against the dollar this year, have thus far proved ineffective, making it the worst performer in emerging Asia and threatening to drive the region's third-largest economy towards a full-blown crisis.

In a further threat to the already-slowing economy, the Reserve Bank of India's (RBI) effort to shore up the currency by draining liquidity from financial markets is pushing up market interest rates.

I am not sure what's going on in India (articles hint of investor panic) but seems part in fall out from expected fed strategy move. Could this blow up Argentina style?

Edited by Ash4781

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Rupee Falls To Record Low

It looks as if India has beaten the UK to it.

Is Carney the Economic Devastator doing some moonlighting for them on the side.

Edited by billybong

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