India rupee plunges to fresh record low

India's rupee plunged to a fresh record low against the dollar Tuesday over concerns that foreign capital could flow back to the United States as the American economy picks up.
The rupee, Asia's worst-performing major currency this year, hit a lifetime low of 61.51 rupees to the dollar in morning trade, below its previous low of 61.21 rupees on July 8.
The rupee has plunged 12.3 percent in 2013, including Tuesday's fall.
Indian shares fell 1.03 percent to 18,983.76 points after the currency hit a new low.
"The rupee is on a runaway train and no one knows where it will stop," said Naveen Mathur, associate director (commodities and currencies) with Angel Broking.
"This is not looking good for the country," Mathur said.
Dealers said India's central bank -- which is believed to have intervened several times in the past few months to help prop up the rupee -- was absent from the market Tuesday, as the rupee plunged.