The rupee sank to a fresh 2 year low of 65.71 to the US dollar, as global markets were rattled on economic growth faltering in China. The rupee had closed at 65.52 to the dollar on Thursday.
Global stock markets tumbled on Thursday led by the European and US Markets and Asian markets were seeing sharp cuts on Friday on worries that China may have a crash landing.
This affected sentiments in the forex markets and there is a possibility of the rupee breaching levels of 66. There may be no intervention by the Reserve Bank of India as falling rupee may help provide some comfort to exporters.
The Sensex and the Nifty are expected to open with sharp cuts.
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