Markets, rupee in free fall

Sensex falls for 7th day; rupee drops to 6-month low; FII selling streak continues; India out of $2-trillion club

The deteriorating economic outlook continued to weigh on investor sentiment on Wednesday, with the equity markets falling for the seventh straight session and the rupee plunging to a six-month low against the dollar, as foreign funds continued to pull out money.

The benchmark Nifty fell 1.4 per cent on, taking its seven-day fall to 4.1 per cent.

The rupee’s five-day fall stretched to 2.4 per cent and it closed at 65.71 against the greenback, a level last seen on March 15. Across-the-board selling was seen in the equity market, with four stocks declining for every one advancing on the BSE.