RTTN:Indian Rupee Off 2-year Low Against US Dollar
(RTTNews) - The Indian rupee that reached a 2-year low against the US dollar at the beginning of Tuesday's trading on the back of escalating eurozone debt crisis erased some of its losses shortly as dollar pared its early morning gains. The rupee touched 47.9150 against the US dollar, up from a 2-year low of 48.2463.
The Indian markets rose sharply as falling commodity prices eased inflation-related worries and positive European cues ahead of a U.S. Federal Reserve meet spurred bargain hunting in heavyweight stocks after a loss the day before. Besides, reports that the government has deferred ONGC's about Rs,11,000-crore follow-on public offering helped ease secondary markets' concerns over liquidity squeeze.
The benchmark 30-share Sensex rose steadily to close near the day's high at 17,099, up 354 points or 2.11 percent over its previous close, while the broader Nifty index on the NSE climbed 108 points or 2.15 percent to 5,140.
