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The Indian rupee plunged to a more than one-year low of 41.76 against the dollar as oil companies and importers scrambled for the US dollar as crude oil prices soared to $125 a barrel. The Indian currency lost 41 paise against the greenback, its third successive day of losses. The rupee hit the current level for the first time since April 20, 2007, when it closed at 41.76 per dollar.
The stock markets too reeled under selling pressure as worried investors unloaded stocks on global weakness and the high oil prices. The BSE Sensex fell 259 points to 17,080.65, with IT and banking stocks leading the market rout.
Reacting to the rupee’s steep decline, Reserve Bank of India Governor Y V Reddy said that the situation is reflective of global uncertainties but not alarming.