India rupee plunges to fresh record low against dollar
MUMBAI (AFP) - India's rupee plunged to a fresh record low against the US dollar on Tuesday over concerns that foreign capital could flow back to the United States as the American economy picks up.
The rupee, Asia's worst-performing major currency this year, hit a lifetime low of 61.51 rupees to the US dollar in morning trade, below its previous low of 61.21 rupees on July 8. Against the Singapore dollar, it was valued at 48.53 Indian rupees on Tuesday afternoon.
The rupee has plunged 12.3 per cent in 2013, including Tuesday's fall.
Indian shares fell 1.03 per cent to 18,983.76 points after the currency hit a new low.