RTTN:Indian Rupee Trades Off 2-day Low Against US Dollar
(RTTNews) - The Indian rupee that slipped to a 2-day low of 52.1950 against the US dollar erased some of its losses shortly after a report showed that the economic growth in the second quarter was in line with economists' expectations.
However, the domestic currency failed to make any significant headway above 52.0 and retreated below the 52.18 level as European session loomed. The rupee was trading at 52.1750 against the dollar around 1:28 am ET, down from yesterday's close of 52.0187.
India's economic growth slowed during the quarter ended September, data from the Central Statistics Office revealed today. Gross domestic product grew at a pace of 6.9 percent year-on-year, down from the prior quarter's 7.7 percent expansion. However, the annual growth figure was slightly better than the 6.8 percent rise forecast by economists.
