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By 12:02 p.m., the partially convertible rupee was at 48.75/79 per dollar, its lowest since July 30, 2002 and 1.7 percent weaker than 47.915/93 at close on Tuesday.
India's main share index slumped more than 7 percent, taking it below 11,000 points for the first time in over two years, as panic gripped investors after overseas markets tanked on concerns of a looming global recession.


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