Bond yields on the 10-year government notes rallied past the 9 per cent mark for the first time Since November 2011.

The fall came even as the rupee hit a fresh lifetime low 62.68 to the dollar and showed very little signs of settling down.

Meanwhile, markets fell for the 2nd straight day in a row with the Sensex dropping more then 432 points and the Nifty 132 points in trade. The Nifty fell below the 5400 mark for the first time since September 2012.

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