Mumbai : The rupee plunged to all-time intra-day low of 61.80 against the dollar on Tuesday but erased all the losses to end with a gain of 11 paise at 60.77 after the central bank intervened heavily in the forex market.
The sliding rupee took a toll on the stock markets, with the benchmark BSE Sensex plunging over 449 points or 2.34 per cent. FIIs had injected Rs 33.35 crore on Monday and picked up shares worth Rs 212.74 crore on Tuesday, according to the BSE.
Incidentally, India has slipped out of the elite global league of stock markets as total value of all its listed companies fell to USD 989 billion amid huge selling pressure on the bourses. Indian stock market had been holding to the trillion- dollar level by a wafer-thin margin for last few days. However, the sharp plunge in the stock values and early weakness in rupee pushed India out of the trillion-dollar club on Tuesday morning. With India out of this league, only 13 stock markets across the world now enjoy a trillion-dollar status, led by the US.