Rupee plunges past 50 per dollar, after 29 months
The rupee plunged past 50 per dollar level for the first time in 29 months on Friday as importers made a rush for the greenback amid fears that the Reserve Bank of India's fight against inflation will slow down growth significantly.
The rupee on Tuesday plunged by 56 paise, or almost 1%, to trade at 58.43 against the dollar in early trade at the Interbank Foreign Exchange market due to renewed dollar demand from importers and appreciation of the US currency overseas.