RTTN:Indian Rupee Trades Nearly 16-month Low Against US Dollar
(RTTNews) - The Indian rupee that fell below the 47.0 mark against the US dollar yesterday extended its free fall on Tuesday as domestic equities erased early gains and dollar firmed up amid eurozone debt concerns.
The Indian markets gave up early gains to end little changed after European shares hit a fresh two-year low on fears over a possible Greek debt default.
The benchmark 30-share Sensex on the BSE rose around 265 points in opening trading before paring gains and ending down 34 points or 0.21 percent at 16,467. The broader Nifty index on the NSE fell by 6 points or 0.12 percent to 4,941.
The rupee depreciated almost 1.5 percent today to reach 47.66 against the US dollar, its lowest level since May 2010. On the downside, the rupee may find target around the 48.0 level.
