Rupee Plunges To 79.65 Per Dollar In New Low, Whisker Away From 80

The rupee weakened sharply to 79.65 against the dollar as the US currency jumped to a near two decade high driven by global recession fears.

The rupee weakened sharply to 79.65 against the dollar, a new intra-day record low, as the US currency jumped to a nearly two-decade high driven by increased safety bets on global recession fears.

Bloomberg quoted the rupee at 79.6375 against the greenback, after the currency hit an intra-day record weak low of 79.6537 a dollar.

That 79.65 odd per dollar rate is another intra-day all-time weak level, marking another new low in a series of lifetime weak rates hit in recent months.