The move puts pressure on other and indian market The Indian rupee slipped to a two-month low of 64.26 against the US dollar on Tuesday tracking the devaluation of the renminbi. Other currencies such as the Australian dollar and the South Korean won also lost ground
it may push the Reserve Bank of India to cut interest rates in India. Lower interest rates will put off foreign investors and will further weaken the rupee.
A fall in the value of the rupee is good for Indian exporters and sectors such as IT and pharma are seen gaining from the depreciation in the rupee. IT stocks were the top.
The stock Market Ended thursday's session on a slightly higher note despite showing considerable weakness as the previous of the trading day.Snapping its four day losing streak, the S&P Sensex added 37.27 points, or 0.14 per cent, to settle at 27,549.53 amid volatile trades today.
The broader 50-share Nifty index added 6.40 points, or 0.08 per cent, to finish the day at 8,355.85.
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