Mumbai: The rupee hit the year’s lowest level and stocks declined on concerns that foreign funds may continue to head for the exits amid the slump in economic growth. Sovereign bonds rose as the weak data bolstered bets for deeper interest-rate cuts.
The rupee weakened as much as 1.2%, with the stronger dollar and a lack of progress on the US-China trade talks also weighing on the currency. The S&P BSE Sensex slid 1.1% after completing its longest run of monthly losses in three years on Friday.
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