The Indian rupee slumped past 48 against the US dollar on Tuesday, October 7, its lowest since January 2003 due to concerns that foreign fund outflows has increased along with the global financial crisis.
A sharp cut of 50 basis points in the Cash Reserve Ratio (CRR) by the central bank on Monday, which is expected to inject Rs 200 billion into the banking system, also weighed on the rupee sentiment.
The partially convertible rupee stood at Rs 48.01/48.02 a dollar, after falling 1.5% on Monday to Rs 47.80/81.
