Rupee slides to a new low vs dollar

Foreign exchange reserves have declined by $23 billion in the last four months, and stood at $402.7 billion as of the week ended August 3, 2018. The weak trend in the global markets along with the fall in the rupee affected investor sentiment in the equity market as well, with the 30-share Sensex losing 188.44 points, or 0.50%, to close at 37,663.56. Kotak Mahindra Bank, Vedanta, HDFC, Wipro, L&T and Tata Steel were among the top losers, shedding 1-4% each. The rupee’s fall may not be as beneficial to exporters as widely believed since other emerging market currencies were also depreciating, said Ravi Sehgal, chairman of EEPC India.

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