The rupee and bonds rallied on Thursday as measures announced by the Reserve Bank of India (RBI) chief Raghuram Rajan late on Wednesday raised hopes of a new approach to the current crisis, while the move to start a discounted swap window for banks also aided.
The RBI will offer a swap window to banks for fresh dollar deposits mobilised from non-resident Indians, which will be available to lenders until November 30, 2013.
The partially convertible rupee was at 65.95/96 per dollar compared with its close of 67.0650/0750 on Wednesday.
The benchmark 10-year bond yield dropped as much as 22 basis points to 8.17 percent.
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