Mumbai, Oct 16: Rupee drifted lower for the second day on Thursday, Oct 16 at 49.00 against US dollar, with a big loss of 48 paise from its overnight close of 48.52, as sharp falls in overseas share markets could speed up foreign fund outflows, although the central bank may intervene to stem a rapid fall.
Later it fluctuated in a wide range between 48.76 and 49.08 per dollar in mid-session. Rupee hit a record low of 49.30 last week.
Brokers said Japan's Nikkei share average tumbled almost 10 per cent and oil prices dropped to a one-year low today after downbeat US economic data spread fears of a more protracted and sharp global slowdown than initially expected.
India's central bank slashed its cash reserve requirement for banks for the second time in a week yesterday, releasing Rs 400 billion (USD 8.2 billion) into the banking system to boost market liquidity.