This is the first time ever that rates are this low, as even during the 1930s rates were well above current levels, says a Citigroup official
The rupee has fallen more than 8 percent since the beginning of May, and although that is the worst performance in Asia, other currencies are also being hit by the broad rally in the dollar. Last year the rupee was largely falling alone.
The next big trigger for the stock market will be the fourth quarter results, says PN Vijay, portfolio manager. Talking to CNBC-TV18, he says that though the market is somewhere around its lows, he is confident that the Indian stock market would stick to the 15 percent growth figure in the next 12 months.
The political unrest blowing across North Africa and the Middle East has stalled projects of many Indian infrastructure and capital goods companies and knocked their shares to new lows.