Rupee dips to 48.57 against US dollar

India's rupee tumbled further versus the US dollar on Wednesday to touch its lowest level in more than six years. It seems that stock markets have not been recovering from the global crisis impact and no governments in the world prove effective in gaining market sentiments. Rupees dip further in the intra day level as low as 48.57. The rupee opened at 48.25/26 per dollar as against the previous close of 47.91/92. Foreign Institutional Investors (FIIs) have net sold Indian stocks worth over US$9bn this year so far after pouring record US$17.4bn last year. This has led to the 19% drop in the rupee against the dollar this year after last year's 12% gain. Source