Sensex cracks as investors fret over rupee's decline

Indian shares today fell sharply, tracking weak global markets, as investors were worried about the rupee's decline against the dollar, amid concerns the US Federal Reserve might trim its monetary stimulus soon. The Reserve Bank of India (RBI) Governor D Subbarao's remark that retail inflation was still high also spooked investors, who dumped rate-sensitive stocks, such as those of banks and realty firms, on fears that the central bank might not cut rates aggressively next month.

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