Rupee Slumps Below Key Level Amid Global Market Risks

The Indian rupee has slumped to its lowest level in over two months, closing at 96.31 against the US dollar on Thursday.

This marks a decline of 37 paise from its previous close and is attributed to risk aversion in global markets due to surging global bond yields and selling pressure from foreign investors.

Forex traders predict that the rupee will continue to trade with a negative bias, citing concerns over rising global treasury yields and a strong dollar.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, notes that uncertainty over the US-Iran deal may also put pressure on the rupee.