RTTN:Indian Rupee Jumps To 6-day High Against US Dollar
(RTTNews) - The Indian rupee extended its 2-day winning streak against the US dollar on Wednesday, rising to a 6-day high of 48.6550, as the latter weakened against the euro after the European Commission President Jose Manuel Barroso called for more flexibility and powers for the European rescue fund.
In the equity front, the Indian markets lost ground on profit taking after climbing 3 percent the day before. Lackluster cues from global markets also kept investors on the edge.
The benchmark 30-share Sensex on the BSE moved in the range of 16,663-16,363 before ending down 78 points or 0.47 percent at 16,446 and the broader Nifty index on the NSE fell 25 points or half a percent to 4,946.
The rupee appreciated almost 2.5 percent versus the greenback thus far this week from last week's fresh multi-year lows of 49.89. On the upside, the rupee may find target around the 48.4640 level, at which point the 10-day simple moving average level for the USD/INR rests.
