The RBI has continued to intervene in morning trading to shield the rupee from a further slide against the dollar. Sentiment in markets has turned against the rupee, the pessimism driven by the trifecta of a rising dollar, outflows as FIIs move money back to the US, and worry around the effects of demonetization on the economy. The rupee had fallen to a near record low of Rs. 68.86 yesterday against the dollar, reviving as the RBI came into the market, selling dollars to boost the rupee. 

Regulations implemented in the last couple of years by the RBI have forced banks to disclose the large NPAs on their balance sheets. In 2014, RBI Governor Rajan had remarked, 'An NPA by any other name smells as bad', while compelling bankers to make greater disclosures. Now the government is scrambling to address these disclosed bad loans weighing on the banks, and is according to Reuters, pushing state-owned companies like SAIL in sectors like steel, shipping and power to take up the bad loans of private companies that are weighing on the banks and limiting bank ability to lend. So far, the scheme has yet to find takers.

Stock in spotlight: Berger Paints, which is among the top gainers, up 12.4% this week after falling by 18% over the past month. 

Photo of the day: A demonstration by workers from the Opposition in Ahmedabad against demonetization, where they poured milk on the street. Reuters/Amit Dave