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Indian Rupee losing year-to-date gains

In the face of economic slowdown, low foreign investments, the effects of currency devaluation by China and the impact of US-China trade war, the rupee is losing its year-to-date gains in the space of just one month. “Even though India is directly less vulnerable to U.S.-China tensions, it can’t remain completely insulated to the wider risk aversion,” opined Dushyant Padmanabhan, a forex strategist at Nomura Holdings Inc. in Singapore. The rupee reached an eight-month low of Rs 72.03 to the dollar on August 26, despite the booster package announced by the government.