The Indian rupee declined further against the U.S. dollar in late morning deals on Thursday after the country's government predicted weaker-than-expected expansion for the financial year ending March 2013, owing to slower growth in the farm sector and manufacturing.
Gross domestic product is set to grow 5 percent in the fiscal 2013, preliminary estimates from the Central Statistical Office revealed. Growth was weaker than the 6.2 percent expansion in the financial year 2012.
Earlier, the government had forecast current fiscal year growth between 5.7 percent and 5.9 percent.
The rupee fell to a 2-day low of 53.2935 against the greenback with 54.00 seen as the next downside target level. At Wednesday's close, the pair was worth 53.1605.
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