MUMBAI: The Indian rupee slumped on Friday to stay around a 5-week low as local shares tumbled, tailing global equity sell-off, stoking fears of foreign fund outflows on renewed risk aversion. However, a one-day stir called by state-run banks -- to protest against the government's move to pare its equity capital and facilitate bank consolidation among others -- meant volumes were thin in the domestic forex market, dealers said. At 11:49 a.m. (0620 GMT), the partially convertible rupee was at 44.80/81 per dollar, 0.6 per cent weaker than its 44.545/555 close on Thursday. Earlier, the unit had touched 44.8550-- a level not seen since June 29. "A lot of support is expected for the rupee around 44.92/94 level currently. But if those levels are broken, a move past the 45-mark is almost certain," said a senior foreign exchange dealer at a private-sector bank. Retreat of the euro and most Asian currencies against the dollar also weighed on the rupee, traders said. The euro was at $1.4089, down from $1.4246 at end of domestic currency market on Thursday, while the index of the dollar against six major currencies was up 0.15 per cent to 75.238 points from 74.766 points previously. The Japanese yen has been pushed to near-record highs as fiscal and economic woes in Europe and the United States forced investors to look at the currency as a safe haven, prompting Japan to intervene in the exchange-rate market. For a snapshot on Asian currencies, see Indian shares touched their lowest level since June 2010 on Friday, joining a slide in Asian stocks as investors pared risky assets, on renewed fears of global economic slump. The one-year onshore forward premium plunged to 187.25 points from 204 points close previously, for a second straight session, as exporters booked forward dollars . The one-month onshore forward premium was at 19.75 points from 21 points while the three-month dropped to 57.75 points from 62.75 points.

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