Indian bonds, rupee weaken on Jerome Powell’s new term at U.S. Federal Reserve
The Hindu
‘Bolsters chance of quicker start to U.S. policy tightening’
Indian bond prices fell while the rupee weakened on Tuesday, as investors raised bets that the U.S. Federal Reserve would stay on course for policy tightening in the middle of 2022 after the announcement of a second term for its chairman Jerome Powell. The rupee was trading at 74.51/52 per dollar by 0600 GMT, after touching 74.5725, its weakest since November 11, earlier in the session. It had closed at 74.3950 on Monday.
The benchmark 10-year bond yield rose as much as 3 basis points to 6.38%.
The dollar was near a four-and-a-half-year high against the yen while stocks and currencies in Asia’s emerging markets were mostly down, after Mr. Powell’s renomination for a second term as the Fed chief bolstered bets of a possibly quicker start to policy tightening in the U.S.
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