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Extending losses for the seventh straight session, the rupee tumbled sharply by 37 paise to close at nearly 16-month low of 47.59/60 against the US currency on persistent dollar demand from importers and banks.

The company said it'll raise Rs 1,644 crore through a rights issue under which two fresh equity shares will be given for every one shares held by shareholders at Rs 36.
Both organisations will jointly identify opportunities as part of 'go-to-market' efforts to provide IT services and secure tenders from government agencies.
Judge B Naga Maruthi Sarma directed the Chanchalguda Jail authorities to hand over Janardhana Reddy and Srinivas Reddy to the CBI immediately for further questioning.
Following the meet, the results of a shareholder vote called by Cairn Energy on the twin riders on its deal with Vedanta Resources will be out, sources said.
"Up to 100 new permanent workers will be recruited today," a company spokesperson said, adding so far 103 existing workers have signed the bond and resumed duties.
At the Multi Commodity Exchange, gold for delivery in October moved up by Rs 151, or 0.54 per cent, to Rs 27,793 per 10 grams, with a trading volume of 2,539 lots.
The stock spurted by 18.65 per cent to a high of Rs 13.10 in early trade on BSE. The scrip zoomed up 19 per cent to an early high of Rs 13.10 on NSE.
The plan came as the firm proposes to add $337 million investment for building a new factory in Indonesia.
Benchmark oil for October delivery was up 78 cents to $88.97 at midday Singapore time in electronic trading on the New York Mercantile Exchange.
The company plans to carry out the cut over the next few years, as part of its restructuring plan to reduce $5 billion in expenses annually by 2014.