Rupee posts biggest single-day fall in 3 yrs

The rupee suffered its biggest single session fall in nearly three years on Thursday after a grim outlook on the US economy sent investors scrambling for safer currencies and government bonds.

Signs that growth in China and Germany could be slowing down added to the global risk sell off, with local equities posting their biggest one-day drop in more than two-years.

The partially convertible rupee ended at 49.57/58 to a dollar, 2.5% lower from its previous close, and its lowest since May 15, 2009.