Rupee hits 96.31, marks steepest fall in over two months

The Indian rupee weakened significantly against the US dollar, falling to 96.3150, registering its biggest decline in more than two months. The depreciation has been driven by escalating US bond yields, which have pressured emerging market currencies including the rupee.

Simultaneously, India's primary equity indices have faced their most prolonged downturn in 25 years, indicating a challenging market environment. The dollar index has surged to 101.9, amplifying the rupee's weakness and contributing to ongoing currency exchange volatility.