亚洲外汇持续下滑，卢比易跌至历史低点。周五，由于美联储后美元和美国收益率的上升，亚洲货币持续疲软，使印度卢比面临进一步下跌和潜在的历史低点。

Asia FX slide extends, making rupee vulnerable to all-time lows.Weakness in Asian currencies persisted on Friday, sparked by a post-Fed rise in the dollar and U.S. yields, leaving the Indian rupee exposed to further losses and a potential record low.

周五早盘，BSE Sensex指数下跌390点，跌幅0.5%，至82624点，而Nifty 50指数下跌0.4%，至25350点以下，此前因对美联储可能降息的乐观情绪连续三个交易日上涨。周四，大盘指数触及九周高点后，投资者变得谨慎，获利回吐。在本周早些时候公布令人失望的经济数据后，交易员们也在等待中国即将作出的利率决定。隔夜华尔街乐观的交易有助于限制下跌，因为市场继续对今年晚些时候美联储可能降息的预期进行定价。科技股和银行股是市场的主要拖累因素，ICICI银行（-1.2%）、Titan（-1.2%”）、雀巢印度（-1.1%”）和UltraTech水泥（-0.8%”）的跌幅显著。本周，该指数有望上涨0.9%，这将是连续第三周上涨，这得益于对美印贸易谈判的乐观情绪和对美联储进一步降息的预期。

The BSE Sensex fell 390 points, or 0.5%, to 82,624 in morning trade on Friday, while the Nifty 50 slipped 0.4% to below 25,350, after gaining for three consecutive sessions on optimism over potential Fed rate cuts. Investors turned cautious and booked profits after the broader index hit a nine-week high on Thursday. Traders also awaited the upcoming interest rate decision in China, following disappointing economic data released earlier in the week. An upbeat session on Wall Street overnight helped limit the decline, as markets continued to price in potential Fed rate cuts later this year. Tech and banking stocks were the main drags on the market, with notable losses from ICICI Bank (-1.2%), Titan (-1.2%), Nestle India (-1.1%), and UltraTech Cement (-0.8%). For the week, the index is on track for a 0.9% gain, which would mark its third straight weekly advance, supported by optimism around US-India trade talks and expectations of further Fed rate cuts.

9月中旬，印度10年期G-Sec的收益率小幅上涨至6.5%以上，但徘徊在四周低点附近，因为投资者分析了美联储发出的喜忧参半的信号。美联储公布了普遍预期的25个基点的降息，但评论与其预测中暗示的鸽派倾向有所不同。鲍威尔主席将此举描述为劳动力市场疲软之际的风险管理举措，尽管预计今年将再降息两次，市场也将在2026年降息。在国内，印度储备银行行长Sanjay Malhotra敦促各州遵循借贷日历，提高支出质量，并在预算外借款方面保持谨慎。这些措施加强了财政纪律，并有助于在外部不确定性中稳定收益率。此外，外国投资者在暂停两个月后于8月恢复了对亚洲债券的净买入，大量资金流入印度债务，有助于遏制收益率的上行压力。

The yield on the Indian 10-year G-Sec inched higher to above 6.5% in mid-September but hovered near a four-week low, as investors parsed mixed signals from the US Federal Reserve. The Fed delivered a widely expected 25bps cut, yet commentary diverged from the dovish tilt implied in its projections. Chair Powell framed the move as a risk-management step amid labor market softness, tempering expectations for aggressive easing despite projections of two more cuts this year and markets pricing in 2026 reductions. Domestically, RBI Governor Sanjay Malhotra urged states to follow borrowing calendars, improve spending quality, and exercise prudence in off-budget borrowings. These steps reinforced fiscal discipline and helped anchor yields amid external uncertainty. Additionally, foreign investors resumed net buying in Asian bonds in August after a two-month pause, with significant inflows into Indian debt, helping contain upward pressure on yields.

美联储裁决后，美元和美国收益率持续攀升，卢比将走弱。受美元持续走强和美联储喜忧参半的结果后美国国债收益率上升的拖累，印度卢比周五有望开盘走低，而前一交易日的不利基调将进一步打压市场情绪。

Rupee set to weaken on extended climb in dollar, US yields after Fed verdict.The Indian rupee is poised to open lower on Friday, dragged by lingering strength in the dollar and higher U.S. Treasury yields following the mixed Federal Reserve outcome, while the previous session's unfavourable tone will further weigh on sentiment.