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Silver futures for May traded lower by Rs 1,625, or 3.66%, to Rs 42,753 per kg in 3,465 lots.
This level was last seen in January, 2011.
At the Multi Commodity Exchange (MCX), the July contract declined by Rs 1,052, or 2.32%, to Rs 44,200 per kg in 223 lots.
Prices had tumbled by 10% yesterday.
Prices fell to hit an over two-year low in tandem with a weakening trend overseas.
In Singapore, silver traded 3% lower at $22.07 an ounce, the lowest level since October, 2010.
Meltdown in precious metal in global markets on worries over Chinese growth and a possible sell-off by struggling Cyprus' central bank also weighed on the silver futures trade here.
