Rupee, bonds slump after RBI governor Urjit Patel resignation
India`s rupee and bonds plunged following Reserve Bank of India Governor Urjit Patel`s unexpected resignation after market hours on Monday shocked investors.
India`s rupee and bonds plunged following Reserve Bank of India Governor Urjit Patel`s unexpected resignation after market hours on Monday shocked investors.
Concerns about likely mixed results from crucial state elections later on Tuesday also kept traders wary.
The rupee came off earlier lows at 72.1350 to the dollar after opening at 72.46, but was sharply lower from its close of 71.35 on Monday.
The 10-year benchmark bond yield rose to 7.64 percent from 7.59 percent at the previous close.
The broader Nifty opened down 1.3 percent but recovered some of its losses and was 0.9 percent lower. Investors will await state election results for further trading cues during the day.
The RBI governor resigned abruptly after a months-long tussle over policy with the government that has raised concerns about the central bank`s independence as a national election nears.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 1777-day FD vs HDFC Bank 55-month FD: What will be maturity amounts for general and senior citizens on Rs 6 lakh and Rs 12 lakh investments?
SBI Guaranteed Return Scheme: Know what State Bank of India is offering to senior citizens and others on 1-yr, 3-yr and 5-yr fixed deposits
50:30:20 Investment Strategy: Can you build Rs 3.9 crore retirement corpus with salary of Rs 30,000?
Know Your Gratuity: Rs 41,000 as last-drawn basic salary and 6 years and 8 months of service; what will be gratuity?
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Sukanya Samriddhi Yojana vs PPF: Rs 1 lakh/year investment for 15 years; which can create larger corpus on maturity?
10:43 AM IST