NEW DELHI, Oct 24: India’s currency plunged to a record low against the dollar on Friday, breaching the 50-rupee level, but the government called the dive an “aberration.” The partially convertible rupee tumbled to 50.15 against the dollar before firming to close at 49.75 rupees.

“The rupee’s slide is an aberration,” said Commerce Minister Kamal Nath.

“There is nothing to panic about, the rupee will find its level in duecourse.” The rupee has fallen by more than 20 per cent against the dollar since the start of the year.

The Indian currency has been hit by heavy selling of Indian assets by foreign institutional investors seeking safe havens.

They have sold 12 billion dollars’ worth of Indian shares this year after buying 16.66 billion dollars in the same period a year earlier.—AFP