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Reliance Securities Report
The Indian rupee depreciated for the 3rd consecutive day this Thursday against the dollar tracking broad gains in the dollar, after upbeat data from U.S. raised bets of an early tapering from the Federal Reserve.
The rupee ended at 74.56 against the dollar, compared with 74.33 in the previous session. The unit had weakened to a two-month low of 74.63 earlier in the session.
Meanwhile, a sharp spike in crude oil prices, weak Asian currencies and local equities also weighed on the local unit. The benchmark BSE Sensex and the broader NSE index fell for the fourth consecutive day and ended 0.31% and 0.26% lower, respectively on Thursday. The benchmark 5.85% bond maturing in 2030 ended higher at 98.65 rupees, yielding 6.04%, against 98.57 rupees, and 6.05% on Wednesday.
Meanwhile, according to Reserve Bank of India’s Financial Stability Report India should not withdraw policy stimulus in haste as the domestic near-term growth outlook faces headwinds including surging commodity prices.
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