New Delhi, Dec. 17 -- The double whammy of a falling rupee and weak stock market sentiment is keeping investors on tenterhooks. Equity benchmark Sensex declined over 250 points in intraday trade on Wednesday, looking set to extend losses for the third consecutive session, while the Indian rupee remains near its record low against the US dollar.

It is testing time for investors. Many of them see their portfolio falling by 30-40% this year so far, even though the worst in terms of stretched valuations and weak earnings appears to be behind us. It is time when investors should shift focus to long-term goals, invest with discipline and avoid aggressive bets.

The rupee's weakness has emerged as a major concern. The Indian rupee is at histori...