Indian rupee at five-year low
Mumbai, October 6, 2008
The Indian rupee slid to its lowest in more than 5-½ years on Monday as local shares dived nearly 6 percent.
The partially convertible rupee ended at 47.80/81 per dollar, 1.5 percent weaker than its 47.0750/0850 at close on Friday. It slumped to 47.85 during the session, its lowest since February 14, 2003.
The rupee has lost 17.6 percent so far this year.
"If this trend continues then we may see the rupee touch 49 against the dollar in the near-term," said an analyst.
India's main share index or Sensex ended down 5.8 percent as concerns grew of an acceleration in foreign fund withdrawals amid fears the credit crisis could lead to a global recession.