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Indian rupee dropped to a lifetime low while the benchmark 10-year bond yield rose to its highest in more than three years as investor concerns over faster rate increases in the US resurfaced following inflation data.
The US Treasuries dropped sharply in early Asia trade on Monday, with the heaviest selling in short-dated debt, as investors scrambled to price in an even steeper rate-hike path to tame inflation.
After touching a lifetime low of 78.28, the rupee was trading at 78.21/22 per dollar in the early trade. Rupee had ended at 77.8325 on Friday, when it hit its previous life low of 77.8750.
The benchmark 10-year bond yield was trading at 7.60 per cent, its highest since February 28, 2019. Yield had ended at 7.52 per cent on Friday.
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