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The Indian rupee is charting a divergent path from global currency trends, hitting fresh lows even as the dollar index weakens, a phenomenon attributed primarily to significant foreign capital outflows from the nation's bond market. Concurrently, Indian equities are finding it difficult to compete with their North Asian counterparts, which are demonstrating stronger earnings and currency stability.

Speaking on CNBC TV18, Anindya Banerjee, Head of Currency & Commodity Research, Kotak Securities, explained the perplexing situation. "If you look at the dollar index, the USD-INR move is not making sense. But when we go deeper…the US bond yields have hardened…because of which what is happening, we

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