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Reliance Securities Report
The Indian rupee depreciated against the U.S dollar this Monday tracking a sharp selloff in local equities amid speculations that a hawkish Federal Reserve will prompt foreign fund outflows.
Foreign investors have pulled out $1.1 billion from Indian stocks so far in January.
The rupee ended at 74.56 after testing an intraday low of 74.69 earlier in the session compared with 74.42 close on Friday.
Most Asian and emerging market peers were weak this Monday and weighed on sentiments.
Indian government bond yields rose for the second straight session on Monday with the benchmark 6.10% bond ending at 6.66%, the highest since January 14, 2020, and against 6.63% close on Friday.
The safe-haven U.S. dollar rose to a two-week high against its major peers on Monday amid escalating worries about both a faster pace of Federal Reserve policy tightening and potential military conflict in Ukraine.
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