Rupee fell to a new record low of 79.60 per dollar

The rupee fell 15 paise to 79.60 per dollar as the safe-haven stampede into dollar-denominated assets brushed aside almost every other currency, including the euro.

In terms of foreign exchange markets, the euro was just short of parity with the dollar, falling to as low as $1.0001, its lowest level in nearly 20 years.

Every other currency has also dropped to multi-year lows as global recession fears grow.

The rupee’s brutal fall continues; it has reached a new record low of 79.45 per dollar.

That 79.66 per dollar rate is another intra-day record low, marking the latest in a string of low lifetime rates in recent months.

The rupee is now just a hop, skip, and jump away from a critical psychological level of 80 per dollar.