Re down 37 paise, hits new 1-year low of 46.56/57 against $

[Parag]

The rupee on Friday tumbled by a whopping 37 paise to end at a fresh one-year low of 46.56/57 against the US currency due to a steep fall in local stocks amid a firm dollar overseas.

Sustained dollar demand from importers and slow down in capital inflows too weighed on the rupee.

In a fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 46.26/27 a dollar from yesterday's close of 46.19/20.

Later, it moved down further in line with equities to a low of 46.5850 before settling at 46.56/57, showing a fall of 0.80 per cent.

Earlier, it had finished at 46.63/64 on September 8, 2010. In straight five sessions, the local unit fell by 77 paise or 1.68 per cent.

As per the expert's personal opinion, it has further potential to go down in at least Rs.1 for a dollar unless Indian stocks breaks the ranges upwards.