Rise in US bond yields, strong NDF dollar bids push rupee to record low
MUMBAI (Reuters) -The Indian rupee hit a lifetime low on Thursday, pressured by a rise in U.S. bond yields and strong dollar bids in the non-deliverable forwards (NDF) market while the central bank likely stepped in to cap losses, traders said. State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, which helped limit the rupee's losses, four traders told Reuters. The 10-year U.S. Treasury yield hit a peak of 4.73% on Wednesday, its highest since April 2024, before edging lower in Asia trading.
