Sensex in 5-mnth trough, rupee hits yr’s lowest

Weighed by FPI selling, the Indian rupee on Thursday plunged to its lowest level in 2019, closing at 71.81 against the dollar, 26 paise below its previous close. The fall was triggered by weakness in the Chinese Yuan. On Wednesday the chief economic advisor, K Subramanian, said taxpayers’ money shouldn’t be used to bail out those industries which are going through a ‘sunset phase’, which indicates a slowdown or a systemic change.

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