HDFC Bank’s shares have tumbled 29% this year, their worst showing relative to the Nifty Bank gauge since 2003. ICICI Bank is closing in on HDFC Bank as the benchmark’s most influential stock, as the latter grapples with leadership troubles. The Nifty fell for a third straight session on Wednesday, slipping below the key 24,000 level, as higher crude prices and a spike in global bond yields kept bears on the prowl.

If US yields stay elevated, they could pose a threat to foreign inflows. The rupee has a powerful new buffer, though. The Reserve Bank of India has garnered about $127 billion of dollar deposits through a special program for its diaspora, versus the central bank’s estimate of at least $80 billion.

That’s boosted the central bank’s war chest to defend the currency against external pressures. The currency is set to gain sharply this morning, going by opening levels implied by forwards. In global markets, Asian stocks have opened higher on Thursday while oil has snapped a three-day gain after President Donald Trump played down the prospect of a prolonged conflict with Iran.