RTTN:Indian Rupee Pares Previous Session's Gains Against US Dollar
(RTTNews) - The Indian rupee trimmed its early morning gains versus its US counterpart in the afternoon domestic deals Tuesday as the latter strengthened against the euro ahead of the U.S. consumer confidence and FOMC data due out later in the New York session. Month-end dollar demands from oil companies also helped lift the greenback in domestic deals.
The rupee that reached as high as 45.90 in the morning reverted back to near 46.15 in the afternoon deals. The dollar-rupee pair then moved in a range of 46.02 and 46.12.
The Indian market rose for a second consecutive session on Tuesday after government data showed the nation's economy grew 7.7 percent in the three months through June, broadly in line with analyst estimates. The benchmark 30-share Sensex closed up 260 points or 1.59 percent at 16,677 and the broader Nifty index gained 81 points or 1.65 percent.
The Indian economy grew a meager 7.7 percent in the first quarter of the current fiscal year compared to 9.3 percent during the same quarter of the previous year, government data showed. Manufacturing sector growth came in at 7.2 percent versus 12.7 percent in the corresponding period last year, while industrial growth rose 5.1 percent and the farm sector growth stood at 3.9 percent, the statement revealed.
