By Anoop Agrawal Oct. 24 (Bloomberg) -- India's rupee fell through 50 against the dollar to a record low as stocks in the region slumped on increasing signs that global economies are headed for a recession. The currency was poised for an 11th weekly loss before Reserve Bank of India Governor Duvvuri Subbarao announces the central bank's monetary policy statement at 11:15 a.m. local time. Policy makers unexpectedly cut interest rates this week for the first time since 2004. The rupee, which was made partly convertible in 1993, has lost 21 percent versus the dollar this year and is the second-worst performer in Asia after South Korea's won. ``We are facing a global meltdown and we can only wait to watch the bottom for the currency,'' said Paresh Nayar, chief foreign exchange and bond trader at Development Credit Bank Ltd. in Mumbai. ``Investors are likely to continue dumping Indian stocks.'' The rupee slid as much as 0.7 percent to 50.165 per dollar before trading at 49.91 as of 10:09 a.m. in Mumbai, according to data compiled by Bloomberg. The currency may fall to 51 in coming weeks, Nayar said. The currency is set for its worst year since 1991, the year the nation devalued it by an average 20 percent against four major currencies to help boost exports. Sales of Indian shares by overseas investors this year exceeded purchases by a record $12.2 billion as the benchmark Bombay Stock Exchange Sensitive Index, or Sensex, slid 53 percent. They bought a record $17.2 billion rupees of stocks in 2007, helping the currency complete its best annual gain since at least 1974. The MSCI Asia Pacific Index of regional shares tumbled 4.2 percent today, touching the lowest since 2004. To contact the reporter on this story: Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net.

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