India rupee at 3-week low, yields fall on new COVID variant concerns

india rupee at 3 week low yields fall on new covid variant concerns

Sumary of India rupee at 3-week low, yields fall on new COVID variant concerns:

  • Shares and currencies in Asia’s emerging markets fell sharply as investors fled riskier assets after the detection of the significant new mutation, which in-turn strengthened safe-haven assets like the dollar.
  • “Some people are also toying with the idea that they may not even hike the reverse repo rate”.
  • The central bank has already started conducting variable rate reverse repo auctions of slightly longer tenors to temporarily absorb the massive liquidity surplus in the banking system but has shied away from announcing any more permanent measures so far.

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