Asia-Pacific markets traded lower on Wednesday as investors reacted to surging US Treasury yields, elevated crude oil prices and continued geopolitical uncertainty surrounding Iran.
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The rupee weakened to a record low of 96.47 against the US dollar amid a strong dollar, rising oil prices, and geopolitical tensions. Higher fuel costs and import expenses are increasing inflation risks in India. Analysts expect continued volatility, with recovery dependent on global stability and improved capital inflows.