Mounting concerns about a US debt default dragged global stocks down to their lowest level in more than week and drove the dollar to a record low against the safe-haven Swiss franc on Thursday.

In the money market, overnight rates closed at 13.90 percent, unchanged from the previous day's close as there were scheduled outflows of 120 billion rupees ($1.39 billion) against scheduled inflows of 106 billion rupees ($1.22 billion).

Copyright Reuters, 2011