Indian rupee surges as exporters seek cover amid dollar slide
The Indian rupee hit more than a five-week high on Tuesday, as under-hedged exporters dashed to cover their positions, while falling U.S. Treasury yields kept the dollar in check amid recession fears. Signs of a possible recession in the world’s biggest economy has been dragging on the dollar as it erased chances of large rate hikes by the Fed. It has also pulled U.S. Treasury yields lower, which in turn hurt the greenback. That sentiment kept risk assets under pressure across Asia, but the Indian rupee was an outlier as it rose the most among its emerging market peers on a deluge of inflows.
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