Rupee's recent weakness has pushed India out of the $2-trn market-cap club

India is no longer part of the $2 trillion-market-capitalisation club. The weakening of the rupee coupled with the correction in the stock prices has seen the country’s market value slip to $1.98 trillion, lowest since July 2017.  India’s market cap has come off 20 per cent from the peak of $2.47 trillion during the start of the year. This is despite considerable amount of new listings, which have added to the market cap. The fall in India’s market cap is more on account of the rupee depreciation. The domestic currency has declined around 15 per cent against the greenback this year. India is also among the worst-performing major market in dollar terms in 2018. France, Germany and Canada are the only three nations in the $2-trillion equity-market club. At the start of the year, India’s market cap was higher than Canada and was neck-and-neck with Germany and France.