Rupee opens nearly six years low at 48.20/USD

Mumbai, Oct 8: The India rupee on Wednesday, Oct 8 opened weak to a six-year low of 48.20 against US dollar, with a massive loss of 26 paise, from its last close of 47.94 on sustained selling pressure from foreign banks and others in the face of growing foreign fund outflows amid global financial crisis.

Dealers said the domestic currency dived to a six-year low today weighed down by sharp losses in the local stock market, which raised worries about accelerated foreign fund withdrawals. The partially-convertible rupee was trading in the range between 48.21 and 48.60 per dollar during the session, dealers added.

UNI