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With the rupee breaching the crucial levels of Rs 55 per US dollar and with more dire predictions of it slipping further to Rs 57 a dollar, the markets slipped into the red with the Sensex shedding about 30 points in the afternoon trade.
Bank stocks felt much of the heat with SBI snapping the winning streak post 2011-12 Q4 results.
SBI was down by Rs 31.65 to Rs 1,975.75 and was the biggest loser among the bankex in the BSE.
Though there were eight other bank stocks that were in the red, their losses were in single digit.
The five gainers were Axis Bank, up by Rs 2.95 at Rs 965.90, BoB, which gained Rs 2.40 to Rs 667.90, Canara Bank which was trading at Rs 395.25, a gain of Rs 2.70, ICICI Bank that was up by Rs 3.80 at Rs 814.60 and PNB, which gained Rs 3.30 to Rs 726.
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