The Sensex at the Bombay stock Exchange fell 91 points, or 0.5 per cent, to 19,052, ahead of domestic industrial output data, on continued selling by funds, amid weak regional bourses. Later, the Sensex trimmed it losses, and stood 40 points, or 0.2 percent in the red, at 19,103 in afternoon trade, a short while ago.
Stock markets in Japan, Indonesia, Singapore and South Korea had lost between 0.3 percent and 1.9 percent, today. The US Dow Jones Industiral Average had fallen 0.8 percent in yesterday's trade.

The rupee ruled firm in the late morning trade by gaining 21 paise to 58.18 rupees per dollar on fresh selling of dollars by banks and exporters amidst weak equity market. The rupee resumed higher at 58.20 rupees per dollar against the last closing level of 58.39 per dollar at the Interbank Foreign Exchange, Forex Market and hovered in a range of 58.11 per dollar and 58.36 per dollar before quoting at 58.18 per dollar. Fresh selling of dollars by banks and exporters at the current level mainly boosted the rupee value against the
dollar.

Speaking at an investors summit in Mumbai today, Economic Affairs Secretary Arvind Mayaram said the recent free-fall of the rupee is an aberration and the currency will correct itself soon once outflows get contained. Mr Mayaram stated that what we are seeing today is primarily on account of global developments and not so much due to domestic issues. The currency will correct itself soon as our fundamentals are very strong, and the economy is on the right-track. He also said that an improvement is likely in the current account deficit (CAD), as gold imports in the past two weeks have come down substantially.
Mr Mayaram also ruled out any government intervention to arrest the fall of the rupee and said that there should be no intervention to support the rupee and fiscal deficit is completely under control, though CAD is an issue. He stated that the measures taken to boost exports should help moderate the current account deficit.