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of <h1>Rupee Drops 16 Paise as US Treasury Yields Rise and Foreign Funds Exit Indian Markets</h1> The Indian rupee depreciated 16 paise to close at 85.58 against the US dollar due to weak domestic markets, rising US treasury yields, and foreign fund outflows. The currency's decline was partially cushioned by a weakening US dollar index. Factors influencing the movement included concerns over fiscal policies, COVID-19 cases in Asia, and negative market sentiment.
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