The onset of global financial crisis post-Lehman caused large capital outflows leading to all time low for the INR. The experience of the last couple of years or so is too recent in all our memories and it would be unnecessary to repeat the same here.
In this economy, sellers will adjust their prices over the course of the market day to ensure that they dispose of the entire supply that they have brought to market. This was the world in which the early economists like Adam Smith grew up, and these were the arrangements which they reflected in their models of the economy.