Market Update: Rupee Correction and Yield Spike * **Currency Performance:** The Indian Rupee recorded its steepest decline in over two months, pressured by a surge in dollar demand linked to the maturity of off-market trades. * **Central Bank Action:** While the Reserve Bank of India (RBI) maintained a presence in the market, it strategically refrained from aggressively thwarting the currency's depreciation, allowing the rupee to adjust to prevailing flows. * **Fixed Income:** Concurrently, domestic bond yields hardened significantly, climbing to levels last observed ten months ago.