INR extends downside on risk aversion in global markets
Mumbai, Oct. 8 -- The Indian rupee depreciated by 13 paise to close at 96.88 (provisional) against the US dollar on Thursday, on risk aversion in global markets amid escalation of geopolitical tensions. The rupee is under pressure amid persistent macroeconomic headwinds, including global dollar strength (DXY trading near multi-month highs) and elevated Brent crude prices hovering near USD 104 per barrel. However, suspected intervention by the Reserve Bank of India supported the domestic unit at lower levels. Indian shares slumped on Thursday as a broad global bond sell-off and surging oil prices revived inflation and interest-rate worries. U.S. Treasury yields surged back toward multi-decade highs after the release of hawkish Federal Rese...
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