Rupee slumps to record low; bonds, stocks slump
MUMBAI (Reuters) - The rupee slumped to a record low on Thursday, while stocks and bonds were hit, after the Federal Reserve signalled a tapering of its monetary stimulus, highlighting the country's dependence on foreign capital inflows to fund its current account deficit.
Market were also hit by data showing China's factory activity weakened to a nine-month low in June.
The rupee fell to a record low of 59.9350 to the dollar, breaching past its all-time low of 58.98 on June 11. The rupee was trading at 59.82/81, down from its 58.71/72 close on Wednesday.
Bond yields jumped, with the benchmark 7.16 pct 2023 bond yield rising 10 basis points to 7.36 percent from its previous close.
The BSE Sensex and the Nifty fell more than 2 percent each.
(Reporting by Subhadip Sircar; Editing by Rafael Nam)
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Prime Minister Narendra Modi will promise on Thursday to provide a bank account for every Indian household when he launches a major initiative that could save billions of dollars in welfare spending and help mend strained state finances. Full Article