Rupee falls to over 1-month low on foreign outflows

Weak shares, strong dollar overseas pull down rupee

The rupee slumped to its weakest in over a month after a spurt in dollar outflows triggered by the greenback's strength globally as well as weaker shares, traders said.

At 2:33 pm, the rupee was trading at 62.8450/8550 to the dollar, compared with 62.36/37 on Friday. The rupee had fallen to as much as 62.86 to the dollar, its lowest since March 16.

Shares were also headed for their biggest single-day fall in nearly a month on worries over retrospective taxation for foreign institutional investors.