MUMBAI, – The Indian central bank is likely selling dollars on Wednesday to support the rupee, which sank to an all-time low at the open as U.S. Treasury yields jumped and Asian currencies fell amid Republican candidate Donald Trump building a lead in the U.S. election.
The rupee declined to a lifetime low of 84.1850 to the U.S. dollar, prompting the Reserve Bank of India to step up to support the currency, four traders told Reuters.
The rupee and other Asian currencies come under pressure amid Trump leading the Democratic Party candidate Kamala Harris. In the betting market, the odds of a Trump win have reached nearly 90%.
The dollar index jumped 1.7%, and the 10-year U.S. yields climbed 16 basis points to 4.46%. (Reporting by Nimesh Vora; Editing by Savio D’Souza)
