RTTN:Indian Rupee Slips To 6-day Low Against US Dollar
(RTTNews) - Paring early gains, the Indian rupee weakened against the US dollar on Tuesday as the latter gained ground against and the domestic equities trimmed previous sessions' gains.
The Indian markets reversed early gains to end modestly lower as caution set in ahead of industrial output data due for release tomorrow and a a report on September inflation that will be out on Friday.
Also, investors are awaiting cues from the second-quarter earnings season which will kick start with Infosys numbers tomorrow. Negative European cues also dampened investor sentiment to some extent.
The benchmark indexes Sensex and the Nifty fell about 0.1 percent each, while the BSE mid-cap and small-cap indexes rose 0.49 percent and 0.22 percent respectively, with the IT stocks falling sharply ahead of Infosys' Q2 earnings tomorrow.
The rupee reached a 6-day low of 49.40 against the US dollar, down from a 2-week high of 48.76 hit early in the day. In the near-term, the rupee may target support around the key 49.50 level.
