Shares and currencies in Asia's emerging markets fell sharply as investors fled riskier assets after the detection of the significant mutation, which in-turn strengthened safe-haven assets such as the dollar.The partially convertible rupee ended at 74.87 per dollar compared to its close of 74.51. It touched a low of 74.9250 earlier, its lowest since Nov. 1. On the week, the unit fell 0.9%, its biggest weekly loss since the week to Oct. 8, snapping five straight week of gains.
The Reserve Bank of India is due to announce its monetary policy committee's decision after a three-day meeting on Dec. 8 and a large section of the market has been expecting them to start raising the reserve repo rate to try to normalise the policy rate corridor to pre-pandemic levels. Traders expect the 10-year bond yield to trade in a 6.25% to 6.40% range until the policy decision, while the rupee is expected to largely track domestic shares and dollar moves for direction. It is broadly expected to hold between 74.25 to 75 per dollar range over the next two weeks.
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