MUMBAI (Reuters) – The Indian rupee weakened to its lowest level on record on Wednesday, pressured by the decline in local equities after the government’s decision to raise the tax rate on capital gains dampened market sentiment.
The rupee declined to 83.72 to the dollar, slipping below the previous all-time low of 83.7150 hit on Tuesday.
Benchmark Indian equity indices, the BSE Sensex and Nifty 50, were down about 0.3% and 0.2% each on Wednesday.
The Reserve Bank of India had likely intervened to support the rupee earlier in the session, traders said.
(Reporting by Jaspreet Kalra; Editing by Sonia Cheema)
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