The Indian rupee slumped to a new all-time low against the U.S. dollar Tuesday as importers continued to scoop up the greenback on fears that the local
currency would
weaken further in the
absence of
aggressive central bank intervention.
The dollar was quoting at INR52.48 at 0339 GMT, compared with its
previous record low of INR52.1950 on March 3, 2009.
The Indian rupee has of late been Asia's worst-performing currency, weakening 17% against the dollar since April.
A wave of risk aversion sparked by the
crisis in Europe has unnerved investors
concerned also about India's high inflation, slowing economic growth and gaping
fiscal deficit.