The markets fell for the first three days last week and created a new low for the calendar year, 2013. The low on the SENSEX was 17,759 and that on the NIFTY was 5,254 points. Earlier lows were made in April, at 18,144 and 5,477 points. After making new lows the markets rallied sharply and almost made up the weekly losses but still closed lower by about half a percentage point.

Drop down:The rupee, staged a sharp recovery against the dollar as state-run banks, reportedly sold dollars to take the pressure off the rupee. On August 22, the rupee slumped to its all time low of 65.56. PIC/AFP