Indian rupee slumped against the US currency following increased dollar demand from importers and sustained capital outflows by foreign funds amid weak equity markets.
The partially convertible rupee stood at 51.55 against the dollar; depreciating 0.84% than its previous close of 51.10/12.
Asian stocks declined after the US economy contracted at the fastest pace in more than a quarter century and commodities prices slumped.
According to J Moses Harding, executive vice president head, Global Markets Group, ``the pressure on rupee would continue to stay valid in the near to short term.``
