RTRS:Indian Rupee Trades At 12-day Low Against US Dollar
(RTTNews) - The Indian rupee fell sharply against the US dollar on Tuesday as fears that the eurozone debt crisis will spread to the much larger economies of Italy and Spain lifted safe-haven appeal of the latter.
A fall in domestic equities following software major Infosys' lower-than-forecast first-quarter earnings results and the nation's slower than expected industrial output growth also weighed on investor sentiment.
The benchmark BSE Sensex closed down 310 points or 1.65 percent at 18,412. The broader Nifty index fell by 90 points or 1.6 percent to 5,526.
India's industrial output slowed to a much lower-than-expected 5.6 percent in May from 8.5 percent in the same month last year, mainly due to the poor performance of the manufacturing and mining sectors, government data released today showed.
The rupee reached a 12-day low of 44.7650 against the greenback, having depreciated almost 1.3 percent from Friday's fresh 2-month high of 44.1950. The dollar-rupee pair is presently worth 44.71 with a target setting at the 50-day SMA of 44.7940. The pair closed yesterday's deals at 44.50.
