Indian rupee dips below 83/USD for first time since October 2022
Business
The jump in US yields pressured Asian currencies
MUMBAI (Reuters) - The Indian rupee, on Monday, declined below 83 to the US dollar for the first time since October 2022, as the jump in US yields pressured Asian currencies.
The rupee was at 83.0500 to the dollar by 09:06am. IST, down from 82.8450 on Friday. The 10-year US yield rose to 4.18 per cent, while several Asian currencies were down more than 0.5pc.
"Clearly, it's all about the RBI (Reserve Bank of India)," a dealer at a bank said. "If the RBI does not push it (USD/INR) below 83, you will see a decent-sized move higher."
