The rupee has declined as much as 0.9% to 49.19 per dollar before trading at 49.095 as of 9:38 a.m.
Rupee fell to a two-week low on speculation that a deepening global economic slump may reduce demand for the Indian stocks and exports. The rupee weakened for a fourth day, taking its decline from a 2 1/2-month high touched Dec. 19, to almost 5%.
Yesterday sensex slid to the lowest level in two weeks. India's GDP growth is forecasted at around 7% during the year till March, the slowest pace since 2003, according to the finance ministry's mid-year review.
The rupee has declined as much as 0.9% to 49.19 per dollar before trading at 49.095 as of 9:38 a.m., according to the report. Its 19.8% loss this year is the second-worst performance among the 10 most-active Asian currencies outside Japan after South Korea’s won.
Sensex, has lost 52% this year, headed for the biggest annual decline on record and the first since 2001. FIIs have sold a record of US$13.1bn more local shares than they bought this year, according to SEBI data.
