Rupee plunges 50 paise against USD

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Mumbai, Oct 17: Mirroring the sharp slide in the Stock Market, the Rupee today plunged heavily by almost 50 paise against US currency and opened weak at 39.82/84 per dollar as compared to its previous close of 39.34/36 per dollar.

The partially convertible Indian currency slumped to two-week low today on the proposed curbs on the flow of foreign funds into equities by the stock market regulator, dealers said.

The flow of foreign funds inflows were supposed to be the key factor supportng the rise of the Indian unit.

Yesterday late evening, the Securities and Exchange Board of India (SEBI) in consultation with the government proposed some changes in the policy on participatory note (PN) issuance, a route foreigners can use to buy shares and bonds, dealers added.


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