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Rupee crosses 51-mark

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The rupee on Thursday plunged by 50 paise and crossed the 51 level after more than two months against the dollar amid a steep fall in stocks as investor sentiment took a blow after allegations of huge losses to the government in coal blocks' allocation.

The rupee opened lower at 50.75/76 a dollar from its Wednesday's close of 50.67/68 at the inter-bank foreign exchange market.

The Indian currency touched a low of 51.27 before concluding at 51.17/18, lowest closing since January 16 when it had settled at 51.37/38. In straight four trading days, it had slumped by 99 paise.

The rupee continued to extend its loses over growing uncertainties in national and global markets.

Key benchmark indices closed with sharp losses as Parliament was rocked following the reports of an alleged coal scam to the tune of Rs. 10.67-lakh crore.

The Reserve Bank of India has fixed the reference rate for the dollar at Rs. 50.9055 and for the euro at Rs. 67.4035. — PTI

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