Nifty 50 Today, Nov. 24 -- The Indian equity market is navigating a crossroad this week - while the Nifty is hovering just over 100 points from its record high, the Indian rupee has plunged to its weakest level ever, unsettling foreign investors and clouding the near-term outlook. The stark contrast between a roaring equity index and a record-low currency has placed the market at a critical inflection point.

On Friday, the rupee tumbled 0.9% in a single session-its steepest fall since May-to hit a historic low of 89.49 against the U.S. dollar. The slump was driven by heavy portfolio outflows, uncertainty surrounding a potential US-India trade agreement, and what traders interpreted as a temporary retreat by the Reserve Bank of India from...