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The Nifty provisionally lost 1.53 percent, marking its biggest single-day fall since July 8, and a weekly decline of 2.4 percent, its first in three,The BSE Sensex lost 1.6 percent, or 414.13 points, to end at 25,480.84.
USDINR closed at 61.18 against its open at 60.74
The broader global impact of any default is likely to be limited because Argentina has been effectively shut out of financial markets since its devastating debt default in 2002.
China fixed its annual economic growth target for this year at around 7.5 percent, suggesting for the first time in years that there is room for growth to come in slightly under the desired level.
Doubts about the health of Europe's economy dominates trade on its major stock markets after a cautious message from the U.S. Federal Reserve does little to stem the Dollar's charge to 10-month highs.
The Reserve Bank of India (RBI) is likely to leave its key interest rate unchanged on August 5 and won't ease policy until early next year on fears food inflation will spike if monsoon rains are below average.
Asian shares pared losses as data showing a surprisingly strong pick up in Chinese manufacturing helped take some of the sting out of a slump .
Policy push likely to stabilise rupee in 60-61 band
With the sharp rise in volatility this past session, gold bugs had the opportunity to leverage the metal’s on-again-off-again position
Copper has demonstrated fairly choppy price action over the past several weeks which leaves a mixed technical bias for the commodity. A break of the 38.2% Fib Level at 3.19 would be required to shift the immediate risk to the downside.
Oil prices also took a spill amid signs of plentiful supply, which has potentially positive implications for global inflation and economic growth.
Dollar took a breather early on Friday ahead of a closely watched jobs report that has the potential to make or break a rally that saw the greenback post its best monthly performance in over a year.
Fears of an increase in food prices in case India receives below average rainfall are likely to prompt RBI to hold rates next week.
Global risk is weighing but India remains on an uptrend. Expectations for at least a dovish stance by RBI have also grown.
The European Central Bank announced a raft of measures in June to counter the threat of deflation, including cutting the deposit rate below zero to compel banks to lend.
Gold continued to slide as the Dollar continued to see support from upbeat U.S. gross domestic product report.
Fedral Reserve Ends Bond Buying Program
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