Indian Rupee Hits Two-Month High
The Indian rupee reached a two-month peak against the dollar driven by central bank intervention and strong foreign inflows. The currency gained despite a broader selloff in Asian markets triggered by rising global bond yields.
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The India rupee surged 0.2% to a two-month peak of 94.9500 against the U.S. dollar on Tuesday morning, driven by central bank intervention. The currency notched its third consecutive daily rise, defying a broader selloff across Asian peers. Japan saw its benchmark bond yield touch 3% for the first time in 30 years during the overnight session.
