Muscat: The Indian rupee hit a new record low early on Monday and breached the 78 against the dollar for the first time ever, after closing at its weakest level of 77.93 in the previous session.
The rupee slipped 36 paise to a record low of 78.29 against the US dollar in early trade on Monday.
Meanwhile, one Omani Rial against the Indian rupee fetched record 202.7. Exchange houses in the Sultanate were offering 202.716 Indian rupee against a rial on Monday morning.
A strengthening dollar and US treasury yields, elevated global crude oil prices and a sharp sell-off in equity markets, have kept the domestic currency under pressure. The rupee lost 21 paise against the greenback last week. On the other hand, India’s benchmark 10-year bond yield rose to its highest level in more than three years on Monday. The benchmark 10-year bond yield was trading at 7.60 per cent on June 13, highest since February 28,2019.
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