MUMBAI: Rupee plunged 3.07 percent to close at an all time low of 66.24 versus the US dollar on Tuesday. This is the worst one day percentage decline ever for the currency.The currency depreciated sharply after the lower house of Parliament approved a nearly $20 billion plan to provide cheap grain to the poor, raising concerns the country's fiscal deficit will blow out even further.Passage of Food Security Bill is one big overhang on markets and rupee, as most analysts feel that it will have negative impact on fiscal deficit number. Finance Minister had earlier allayed fears saying that the Food Security Bill will not have a negative impact on the fiscal deficit. "The government can afford a vast new food programme for the poor despite concern about its impact on the strained public finances," Finance Minister P Chidambaram said."The government has budgeted an additional 230 billion rupees annually for the programme on top of the existing 900-billion-rupee food subsidy bill," he added.Yet the comments failed to sway investors, with market watchers sceptical about India's ability to attract funds for infrastructure projects in an economy growing at a decade low of 5 per cent.The rupee has already been beaten down around 15 per cent so far in 2013 despite frantic attempts by the government and central bank to shore it up.Overseas investors have sold about $810 million worth of shares in the previous seven sessions through Monday, adding to pressure on the rupee."Well there has always been a debate in the market about the effectiveness of this Food Security Bill but having said that when the ordinance was passed it was quite clear that in the monsoon session of the Parliament itself this bill will get passed given the priority that the government," said Samiran Chakraborty, Regional Head Research, India, Standard Chartered Bank in an interview with ET Now."The implication of the bill is likely to be felt not this year but the next fiscal year so in some sense it is too much of worry on the fiscal deficit front from the food security at this point of time," he added.