The rupee fell 0.7% 48.585 per dollar as of 9:52 a.m. It earlier touched 48.635, the weakest level since July 20

Rupee declined to a four-week low as disappointing economic data from US and Japan deterred investment in domestic shares.

The rupee fell 0.7% 48.585 per dollar as of 9:52 a.m. It earlier touched 48.635, the weakest level since July 20.

The local currency weakened for a second day after U.S. consumer confidence unexpectedly dropped and Japan reported slower economic growth. FIIs sold more domestic equities than they bought on all but one of the seven trading days since Aug. 13. The MSCI Asia-Pacific Index of shares today slumped 2.4%, the most in five weeks.

The preliminary index of U.S.consumer sentiment decreased to 63.2 this month, the lowest since March, according to reports on Aug. 14. Japan’s gross domestic product rose at an annual 3.7% pace in the three months ended June 30.

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