MUMBAI: (May 22) Rupee depreciated 37 paise to close at 85.96 (provisional) against the US dollar on Thursday, on dollar demand from importers and foreign banks as well as surge in crude oil prices.
Forex traders said surging US bond yields are rattling global investors. Moreover, the narrowing yield differential between India and the US, is making Indian assets less attractive.
Besides, elevated crude oil prices amid rising geopolitical tensions in the Middle East, further dented investor sentiments. PTI
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