Indian rupee slumps

The Indian rupee slumped to a six-week low on Tuesday, tracking local equities, as a massive setback to the Congress party in crucial state elections raised concerns over its ability to revive a stalled reform process. The rupee ended at 50.36/37, after sliding to 50.3950, its lowest since January 23, according to Thomson Reuters data. It closed at 49.835/845 on Monday.
The one-month offshore non-deliverable forward contracts were at 50.78. In the currency futures market, the most-traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all ended around 50.6, on a total volume of $5.1 billion.