Rupee tumbles 53 paise, 10-year bond yield closes 6 basis points lower

The domestic unit, which saw a heavy sell-off by plunging 110 paise in opening trade, staged a mild recovery towards the end of the session but still settled in the negative territory

The rupee staged a late rebound after plunging 110 paise in early trade on Tuesday but still ended 53 paise lower at 71.85 against the dollar following RBI Governor Urjit Patel's shock exit coupled with the loss of the ruling BJP in key state elections.

Analysts said the RBI governor's surprise resignation and the ruling BJP's loss in state elections unnerved forex traders initially but a fag-end rebound in domestic equities and dollar selling by some state-owned banks helped in the recovery of the domestic currency.

The domestic unit, which saw a heavy sell-off by plunging 110 paise