The S&P BSE Sensex on Friday crashed 769 points, the most in 4 years, as the rupee plunged to an all-time low amid fears the government may move to a capital-control regime to curb forex volatility and narrow CAD.
The rupee fell below the 62 level for the first time, plummeting to 62.03 against the dollar, after the Reserve Bank of India announced additional steps on Wednesday to restrict foreign-exchange outflows and gold imports.
The markets were also spooked by expectations that an improving US economy would lead to a flight of foreign capital from the domestic markets.
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