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INDIA: Country Wrap – Rupee Hits New Lows. 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • A group of Indian lenders has asked the central bank to approve a new benchmark for overnight indexed swaps, according to people familiar with the matter. (source:  BBG).
  • The Indian rupee weakened to a life-time low- closing at 85.12/$ on Monday due to strong dollar demand by corporates to help meet month-end payment obligations, traders said. It previously closed at 85.01/$1. Last week, the rupee had touched a record low of 85.08/$1 on a closing basis. (source: India Economic Times).
  • Following yesterday’s positive day, India’s NIFTY 50 is opening up +0.25%
  • INR: the Rupee has hit all time lows and is off -0.07% at the open to be 85.15
  • Bonds: stability in the bond market continues with the 10YR at 6.78%
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  • A group of Indian lenders has asked the central bank to approve a new benchmark for overnight indexed swaps, according to people familiar with the matter. (source:  BBG).
  • The Indian rupee weakened to a life-time low- closing at 85.12/$ on Monday due to strong dollar demand by corporates to help meet month-end payment obligations, traders said. It previously closed at 85.01/$1. Last week, the rupee had touched a record low of 85.08/$1 on a closing basis. (source: India Economic Times).
  • Following yesterday’s positive day, India’s NIFTY 50 is opening up +0.25%
  • INR: the Rupee has hit all time lows and is off -0.07% at the open to be 85.15
  • Bonds: stability in the bond market continues with the 10YR at 6.78%