Mumbai: India's rupee plunged to a new low and stocks fell nearly four percent on fears that foreign capital could flow back to the US as the US economy improves.The rupee, one of Asia's worst-performing currencies this year, hit a record of 62.03 rupees to the greenback, slipping past its previous low of 61.80 rupees on August 6.It recovered marginally to 61.79 to the dollar in afternoon trade.

India's stock markets saw relentless selling pressure, with the BSE benchmark 30-share Sensex index plunging as much as 3.85 percent or 746.20 points — its sharpest single-day fall in nearly two years — to a day's low of 18,621.39 points.

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