Nifty Bank Cracks 500 Points as Record Low Rupee and $105 Oil Fuel Fears of Rate Hikes

India’s banking sector faced heavy selling pressure on Tuesday. A combination of a collapsing currency and skyrocketing energy prices forced investors to rethink the outlook for credit growth and inflation.The Nifty Bank index dropped 547.55 points, or 1.01%, to trade at 53,892.3

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