RTTN:Indian Rupee Off Fresh Multi-year Low Against US Dollar
(RTTNews) - The Indian rupee that approached near the 51.0 mark against the US dollar in the morning, for the first time since April 2009, reversed direction in the afternoon. The rupee recovered to reach as high as 50.6050 against the US dollar before holding steady around 50.70/71 level.
The Indian markets continued to fall for a fifth consecutive session today, as speculation that French government bonds may be downgraded in a stressed economic scenario and domestic worries such as slowing industrial growth and high inflation sapped investor appetite for risk.
However, the benchmark indexes recouped most of their early losses to end off their day's lows as news spread that the Union Cabinet has given its approval for 26 percent foreign direct investment in pensions funds.
The benchmark 30-share Sensex fell around 240 points in the afternoon before paring losses to end down 107 points or 0.63 percent at 16,776, while the broader Nifty index closed at 5,030, down 38 points or 0.75 percent from its previous close.
