Karnataka election blast hits rupee, pushes Indian currency below Rs 68 level vs US dollar
Bonds had opened down after India’s core inflation surged to a 44-month high of 5.9% in April amid a sharp rise in oil prices above $78 per barrel. Brent forward futures for July delivery traded 0.98% higher at $79 per barrel at the close of trade on Tuesday. According to dealers, if international crude oil prices jump beyond $80 per barrel in the overnight trades, 10-year yield could test 8% today. Bond was hit as oil prices surged to over four-year high of $79 per barrel, dealers said.
The rupee plunged sharply to end at Rs 68.09/$1, its highest level since January 24, 2017, compared to Rs 67.51/$1 at the close of the previous session. Image source: Reuters