The rupee declined as much as 0.9% to 49.80 per dollar, thet-weight:bold;" lowest since Oct. 29, before closing at 49.64, according to the reports. The rupee has declined 12.3% in the past three months.
Rupee fell to a three-week low due to the slide in stocks on concerns that investors were selling domestic equities amid a deepening global economic slump.
The rupee declined as much as 0.9% to 49.80 per dollar, the lowest since Oct. 29, before closing at 49.64, according to the reports. The rupee has declined 12.3% in the past three months.
The currency weakened for a second day after reports last week and yesterday showed Hong Kong and Japan sank into recession. Today Sensex fell around 3.6%, taking its decline this year to 56%. Sensex fell for a fifth day as data from SEBI showed global funds increased sales of local shares. FIIs have sold local equities worth a record US$12.9bn more than they bought this year.
FIIs were net sellers of domestic equities last week, dumping US$324.9mn more than they bought, after purchasing a net US$162.4mn in the previous week, SEBI data showed.
Offshore forward contracts showed traders increased bets for how far the rupee will weaken in the next month. Non-deliverable contracts showed an implied rate of 50.47 rupees to the dollar, Vs 49.80 yesterday.
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