Irrational inexuberance?

On Monday, the financial markets continued to decline sharply from where they had left off on Friday. The rupee, under relentless pressure, fell below an exchange rate of 63 to the dollar, closing at yet another all-time low. Benchmark indices declined in tandem, while bond yields, reflecting the great uncertainty, zoomed. Gold prices have shot up as attempts to rein in demand ahead of the festival season failed miserably.

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