After red-hot US inflation statistics boosted the potential of aggressive Fed tightening later this week, the Indian rupee dropped to a new record low of more than 78 against the US dollar today. In the face of rising expenses and slowing growth, demand for safe haven assets pushed the dollar higher. The Indian rupee fell to a new low of 78.28 per dollar, while the benchmark 10-year bond yield climbed to 7.60 percent, its highest level since February 28, 2019.

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