The rupee tumbled to a 13-month low of 63.45 as stocks markets across the globe crashed and sentiments were bearish with crude continuing to post losses. Poor data emanating from China saw a rout across global markets with Indian markets seeing a crash in metal stocks.
The Sensex fell below the 27,000 points as investors remained concerned that the falling rupee and global economic slowdown would lead to a delay in interest rate cuts by the Reserve Bank of India. Banking stocks were the worst affected on account of these fears with ICICI Bank falling a huge 3.3 per cent, while PSU banking stocks like Syndicate Bank, IDBI Bank and Andhra Bank joining the rout.
Metal stocks which are vulnerable to data from China fell with Hindalco and Sesa Sterlite droppi9ng in trade.
Bonds also fell as bond yields rose fearing a probable delay in rate cuts. To add to global market worries Russia raised interest rates at a time when growth concerns across the globe were worrisome.
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