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Rupee falls to 47.84, lowest since 2003

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Reuters

Posted: Oct 06, 2008 at 1637 hrs IST

Mumbai, October 6: The rupee fell to its lowest since February 2003 on Monday after a 5.8 per cent dive in local stocks raised worries of more foreign fund outflows, while strong dollar demand from oil firms also weighed.

At 4:48 p.m., the partially convertible rupee was at 47.84/85 per dollar, its lowest since Feb. 14, 2003, and 1.6 per cent weaker than Friday's close of 47.075/085.

The main share index ended down 5.8 per cent as concerns grew of an acceleration in foreign fund withdrawals amid fears the credit crisis could lead to a global recession.

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