NEWS: India stock market and bond market both fell, rupee hit a record low.
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As oil prices soared, India's stock and bond markets both fell on Thursday, and the rupee fell to record lows, heightening speculation that the central bank would raise interest rates more sharply than expected on Friday.
The rupee reached a record low of 73.82 against the US dollar INR=D2, and rebounded slightly to 73.74/75 at 0545 GMT. The rupee closed at 73.3350 on Wednesday.
Exchange traders at a foreign bank said anonymously that earlier intervention by the Indian central bank prevented the rupee from falling to 74.
India's 10-year bond yields rose 9 basis points to 8.20%, not far from the high of 8.23% since November 2014 hit in late September.
0545 GMT, the India stock market NSE index.NSEI fell 1.68% to 10677.70 points, the lowest since July 3rd.