RTTN: Indian Rupee Slumps To 4-day Low Against Dollar
During early deals on Tuesday, the Indian rupee dropped to a 4-day low of 49.95 against the dollar as a sharp fall in the global stock markets raised concerns of more capital outflows from local shares. If the Indian currency falls further, it may likely target the 50.1 level.
Indian stocks opened sharply lower today tailing a global rout after a fresh wave of fears about the global financial system. All sectoral indices were trading lower. Realty and banking stocks were the worst hit.
Bombay Stock Exchange's 30-share Sensex lost 135.86 points to 8707. National Stock Exchange's benchmark Nifty fell 41 points to 2695 from its previous close.
Indian central bank governor Duwuri Subbarao met External Affairs Minister, Pranab Mukherjee, who is also in charge of Finance Ministry, and assured him that the RBI is closely watching the economic situation and would come out with measures at the right time.
