RBI steps in as rupee slides on corporate outflows; bond yields jump

Bond yields jump as traders lock in profits after speculative rally on Wednesday

The rupee weakened 23 paise to settle at 79.68 per US dollar on Thursday as foreign banks heavily purchased the greenback on behalf of corporates looking to exit domestic investments, dealers said.

Dollar demand from banks on behalf of importers following a recovery in crude oil prices on Wednesday also weighed on the domestic currency, they said.

So far in 2022, the rupee has depreciated 6.7 per cent against the US dollar.

“There was pressure on INR as demand for greenback came from importers and excess supply a day before evaporated. Hence, I feel the USD/INR pair could consolidate within