File photo. Photograph:( PTI )
In opening trade on Wednesday, the BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade.
Indian markets on Wednesday closed in red with BSE Sensex plunging 550.51 points to end at 35,975.63. Nifty, on the other hand, tanked 150.05 points to close at 10,858.25.
Meanwhile, the Indian currency was at Rs 73.25 against the American dollar on Wednesday noon.
In opening trade on Wednesday, the BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices.
The BSE 30-share barometer fell 231.08 points, or 0.63 per cent, to 36,295.06 after hitting a low of 36,325.15. The gauge had gained 299 points Monday after the RBI announced measures to shore up liquidity.
The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall.
The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade.
The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.
By 2:34 pm, the rupee was trading at 73.24 per dollar.
(With inputs from agencies)