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Traders said that the Reserve Bank of India was seen in the market selling dollars through government-owned banks to prevent further weakening of the rupee beyond the 96 level. Opening the day 9 paise weaker at 95.83 as against the previous close of 95.74, the local currency continued to be under pressure amid a surge in global bond yields. The fresh tension between US and Iran fuelled anticipation of rising inflation and further Fed rate hike in October. "A rebound in crude oil prices, elevated bond yields and rising expectations of higher interest rates added to the currency’s headwinds," said Nandish Shah, an analyst with HDFC Securities. The 5-year US bond yield hit its highest level since 2007, while Japan's 10-year bond yield rose to levels last seen in August 1996. The local benchmark 10-year yield touched 7.11%, a four-month high. "The spot can breach the 96 level and touch 96.20-25 Friday or early next week as dollar demand from importers is likely to continue ahead of the bank strike," forex market consultant KN Dey said. "The rupee may regain to 95.30/35 later," he said. RBI deputy governor Poonam Gupta on Wednesday said that rupee's 13% depreciation between March 31, 2025 and September 16, 2026, was a temporary "overcorrection" and that there is a fair case for the currency to stabilise and eventually appreciate. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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