The Indian rupee extended its early fall against the U.S. dollar in later deals on Friday, as regional stocks plunged amid global sell-off, on concerns about the state of the credit markets, lingering geopolitical worries and the looming end of economic stimulus from the U.S. Federal Reserve.
The benchmark S&P BSE Sensex plunged 414.13 points or 1.6 percent to 25,480.84, while broader CNX Nifty index closed at 7,602.60, down 118.70 points or 1.54 percent from its previous close.
Hopes that U.S. interest rates may rise sooner-than-expected underpinned the dollar. Traders await crucial US jobs report for July, due today, for further clues about the economy.
The rupee declined to 61.235 against the greenback, a level not seen since March 21. At Thursday's close, the pair was quoted at 60.94. The next possible support level for the rupee is seen around the 62.00 mark.
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