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Rupee pullback leads a solid recovery in equities, Nifty ends above 11,500

The Indian equity markets ended the truncated week with losses while extending its losing streak to the second consecutive week. Markets fell sharply in the initial part of the week after the rupee weakened severely and hit a fresh all-time low of 72.9 against the US dollar.

Currency took a U-turn after media reports stated that Prime Minister Narendra Modi is likely to hold an economic review meeting over the weekend to consider fiscal or monetary measures.

In terms of macroeconomic data, industrial production growth in the month of July fell to 6.6% as compared to a revised 6.9% in June 2018. On the other hand, retail inflation fell to 3.69% in August, the lowest in ten months compared to 4.17% in July.

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