Mumbai : The rupee tumbled 67 paise to all-time low of Rs 54.46 against the US dollar on the forex market during the midsession on Wednesday on increased capital outflows and strong demand from importers.

Traders said the Reserve Bank’s efforts to curb the falling rupee have failed to arrest the decline and it has surpassed the previous low of Rs 54.32 set on 15th December.

They said strengthening of the dollar against major currencies in overseas markets, following renewed worries over deepening euro-zone sovereign debt crisis, and lower openings in equity markets world-wide put pressure on the rupee.

“Economic turmoil globally as well as domestic concerns over rising inflation and melting equities remain a major factor for the current record fall in rupee,” said a Delhi-based forex trader.

Sensex plunges 300 points; Auto, metal stocks skid

Both the benchmark indices, the Nifty and the Sensex, shed over 1.8 per cent in the pre-noon session on Wednesday amid fears of contagion in the Euro zone.

At 11.35 a.m., the 30-share BSE Sensex was down 299.70 points or 1.84 per cent at 16,028.55 and the 50-share NSE Nifty was down 90.7 points or 1.83 per cent at 4,852.10.

Among 30-share Sensex, GAIL and TCS were the only gainers. Tata Motors, BHEL, HDFC, Maruti and ICICI Bank were the major laggards.

All BSE sectoral indices were trading in the red. Among them, auto, metal, power and realty stocks were the worst-hit with each down by over 2.1 per cent.

The Nifty and the Sensex opened with a large gap down amid fears of contagion in the Euro zone.

The Nifty opened at 4,875.30, down 68 points over Tuesday’s close. The Sensex opened at 16,132.68, a gap down of 196 points.

“It’s a sell-off,” said a dealer from an Indian brokerage. “With Greece not able to form a coalition government and announcing fresh elections in June, investors have panicked.”

Marketmen said that institutions were unwinding positions in Europe on fears of the Greek electorate voting for anti-austerity again in June.