Rupee record break downfall

India News: Striking 58.98 per dollar at its weakest, the rupee had plunged 3.25 percent this week, notching record lows for two consecutive days.

Dollar-selling by state banks, believed to be acting at the behest of the central bank, prevented a fall though the 59 per dollar level, though intermittent bouts of dollar selling by exporters had also slowed the fall.