RTTN:Indian Rupee Trades At 4-day Low Against US Dollar
(RTTNews) - Erasing much of Friday's gains, the Indian rupee reached a 4-day low of 47.84 against the US dollar on Monday as regional equities fell and dollar gained against the euro following last week's inconclusive European eco-fin meeting.
The Indian markets fell sharply on concerns that Greece's sovereign debt crisis could turn into a full-blown financial crisis after a weekend of high-level meetings failed to make any progress. Concerns about further rate hikes by the Reserve Bank of India also weighed on investor sentiment.
Snapping three days of gains, the benchmark 30-share Sensex ended down 188 points or 1.11 percent at 16,745, while the broader Nifty index on the NSE fell by 52 points or 1.03 percent to 5,032.
The Indian rupee is presently trading around the 47.78/84 level versus the dollar and a further downtrend could lead the domestic unit to re-test last week's multi-year low of below 48.0. The greenback-rupee pair settled Friday's deals at 47.33, up by more than 1.4 percent from nearly a 2-year low of 48.0050 hit on September 14.
