By Ankush Arora and Sankalp Phartiyal
It was a tough week for Indian shares with the benchmark indexes bearing the brunt as the rupee tumbled to a fresh all-time low of 61.80 versus the dollar on Tuesday. Fears of the U.S. Federal Reserve tapering its stimulus also weighed on street sentiment. The BSE Sensex and the Nifty ended down around 2 percent each during the week.
The central bank announced fresh steps after market hours on Thursday to curb volatility in the forex market. The rupee posted its best single-day gain in two weeks in anticipation of support measures by the RBI and the government.
According to Morgan Stanley, the RBI’s cash-tightening measures in July made Indian shares much more vulnerable to global cues, especially the expected tapering of U.S. monetary stimulus.
Indian markets were closed on Friday on the occasion of Eid. Here are the top five losers and gainers of the week that ended on Aug. 8: