The Indian rupee extended losses to one-week lows on Tuesday afternoon as the August factory data came in much below market expectations causing a sell-off in domestic shares and weighing on the local unit.
At 11:45 a.m., the partially convertible rupee was at 44.70/71 per dollar , after hitting 44.7150, its weakest since Oct. 5 and below 44.41/42 at close on Monday.
"The market was expecting a lower number, but this is far below expectations," a senior dealer with a state-run bank said. India's industrial output in August rose at a much slower-than-expected 5.6 percent from a year earlier, sharply lower than the previous month's revised 15.2 percent, government data showed on Tuesday.
