The Indian rupee surged to its strongest level in two months on Monday, 10 January 2022 on the back of domestic benchmark G-sec yields tracking US treasury yields higher. The benchmark 10-year government bond yields rose to its highest level in nearly two years at 6.65%. Long term treasury yields in the US are trading at a year high at 1.76% after FOMC minutes showed the Fed might hike interest rates sooner than anticipated. Meanwhile, robust buying in domestic equities also supported rupee to surge 31 paise to close at 74.03 (provisional) against the US dollar. At the interbank forex market, the local unit opened strong at 74.15 against the greenback and witnessed an intra-day high of 74.03 and a low of 74.21. It finally settled at 74.03, a rise of 31 paise over its previous close. In the previous session, the rupee had settled at 74.34 against the US dollar.
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