Despite India’s stock market plunging 11% to three-year lows, massive central bank intervention propped the Indian rupee from a record low of 50.15 per dollar on Friday, Reuters reports.

Dealers said the central bank likely sold between $3 billion to $4 billion dollars via state-run banks to defend the rupee, and with investors pulling money out of emerging markets, the outlook for the currency was bearish.

"The rupee slide is an aberration. It is arising out of dollar flows out of India. The rupee will find its level in due course," trade minister Kamal Nath told reporters.

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