MUMBAI: The rupee fell the most in 20 months even as India unveiled measures at capping a rise in yields. The local unit closed at 74.56 Wednesday versus 73.43 to the dollar a day earlier, a drop of 1.54%. This is the steepest decline since August 5, 2019.
“Today’s (Wednesday’s) move in USDINR seems to be due to the unwinding of offshore positions that were in profit,” said Bhaskar Panda, executive vice president at HDFC Bank. “Some traders