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Rupee at 8-month low; here are 10 stocks that could benefit from the fall in INR

A feeble rupee is not a good sign for the market as it indicates that foreign investors are bearish on the market and exiting their positions

August 23, 2019 / 10:43 AM IST
 
 
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Trading at its lowest level since December 2018, the Indian rupee opened lower by 10 paise at Rs 71.91 per dollar on August 23 versus the previous close of Rs 71.81.

The domestic currency looks set for the biggest monthly fall in six years as it is down 4.6 percent this month and 3.1 percent in 2019.

Chinese yuan's fall has also put pressure on emerging market currencies. As per Reuters, the yuan slumped to an 11-year low. Traditionally, Indian currency follows its Chinese counterpart as both countries aim to remain export competitive.

A feeble rupee is not a good sign for the market as it indicates that foreign investors are bearish and exiting their positions. At a time when the market has a lot to worry in terms of the trade war, weakening the economy and lacklustre corporate earnings, the fall in rupee can only aggravate the outflow of foreign funds.