A quick synopsis of a tumultuous week

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A quick synopsis of a tumultuous week
Here's why the just concluded week was one of the most tumultuous week in recent memory.

Domestic events

* Rupee plunged to a new lifetime low of Rs 56.40 against the dollar. Recovered towards the latter part of the week on RBI intervention.

* Repatriation of foreign companies from India rose to a record $11 billion, sparking worries that India remains an attractive market for foreign investors.

* Bank of America Merrill Lynch, Standard Chartered Bank, Morgan Stanley and Goldman Sach revise downwards India's growth forecasts.

* Nomura reported that foreign companies were pulling out of India.

* Petrol prices were hiked, reviving fears of inflation and RBI inaction on interest rates.

Global events

* In China, the HSBC Flash Purchasing Managers Index slipped to 48.7 in May from 49.3 in April.

* Facebook shares lose 17% during the week since debut and a lawsuit on the company and its underwriters added to problems.

* Serious concerns on Bankia which now seeks 19 billion Euros bailout, added concerns on Spain after Greece.

* Threats of Greece exiting Euro saw markets drifting lower.

It's hoped that the next week brings in good cheer.


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