Indian rupee traded at six-week low against US dollar
The Indian rupee traded at six-week low against the US dollar after weakness marked in the local equity markets on the concerns of widening fiscal deficit after the government reduced goods and services tax on some items. The Goods and Service Tax (GST) Council on Friday decided to cut the tax rate on 177 items from 28% to 18%, leaving only 50 items in the highest tax slab and offering major relief to consumers and businesses. Bond yields hit a fresh six-month high, after the Reserve Bank of India (RBI) announced another open market debt sale. RBI plans to sell as much as Rs10,000 crore of bonds via open market operations on 23 November. India's benchmark 10-year bond yield rose to its highest in over 13 months as higher-than-expected October inflation dashed rate cut expectations. The 10-year bond yield went up as high as 7.01 percent, the highest since Sept. 29, 2016, after October inflation rose to 3.58 percent as food and fuel prices accelerated.
Source: Mint
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