The rupee plunged to a 9-month low of 68.83 against the US dollar. The drop in the rupee was a fall for the 5th straight day in a row. The currency has been on a huge drop, thanks to capital outflows being seen through Foreign Portfolio Investors, due to rising bond yields in the US.

The rupee has been declining after worries that US President elect Donald Trump's policies could be inflationary and this could lead to higher bond yields. A spike in bond yields means a surge in capital outflows from emerging markets.

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