forex

Since October, the RBI has spent $50bn from its forex reserves to shield the rupee.

The government remains upbeat over the India story: banks are strong, forex reserves are robust, finances stable and extreme poverty has declined.

Zhu will take over the forex regulatory head role from Pan Gongsheng, who has held the post since 2016 and who was named the central bank governor in July.

Bruno Gennari, Argentina expert at KNG Securities, said the precarious international reserves would likely force a quick devaluation; Morgan Stanley said it expected at least an 80% adjustment of Argentina's official forex in December.

Treasury yields fell, with 2-year note last at 4.872%, and the 10-year note at 4.488%FOREX: The dollar index extended a loss and was off 0.748%