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Currency fluctuations, especially movements in the Indian rupee against major global currencies like the US dollar, impact the Mumbai market in various ways. A depreciating rupee can benefit export-oriented sectors like IT and pharma by making their products more competitive in international markets, leading to higher revenues and stock prices. However, it can also increase the cost of imports, impacting companies reliant on foreign inputs. Conversely, a strengthening rupee may benefit import-dependent sectors but could hinder export competitiveness. Investors closely monitor currency movements for potential impacts on company earnings, trade balances, and market sentiment.