Mumbai: The Indian rupee hit more than 17-month low of 44.10 against the greenback during morning trade on increased dollar demand from oil refiners and stronger dollar overseas amid sluggish stocks.
At the Interbank Foreign Exchange (Forex), the domestic currency resumed sharply lower at 43.98/99 a dollar from its last close of 43.78/79 a dollar. It later breached the crucial 44 level and hit 44.10 level for the first time after 16 March, 2007.
The rupee, however, recovered to 44.03/04 a dollar in late morning deals.
Forex dealers said exporters may be selling dollars at the higher levels after the rupee touched 44.10 mark in early trade this morning.
They said oil refiners were continued buyers in dollar for their monthly import payments.
Asian stocks markets were trading in the red this morning after a sharp fall on Wall Street yesterday. Indian benchmark Sensex was down 91 points in early trade.