RTTN:Indian Rupee Rises To 2-month High Against US Dollar
(RTTNews) - The Indian rupee advanced against its US counterpart on Tuesday, having appreciated almost 5 percent thus far this year, as domestic equities surged on strong Chinese data.
China's gross domestic product grew 8.9 percent year-on-year in the fourth quarter. Economists were looking for a slowdown to 8.7 percent.
Further, the industrial output expanded 12.8 percent year-on-year in December compared to economists' forecast of 12.3 percent growth.
The benchmark 30-share Sensex jumped 277 points or 1.71 percent to 16,466, while the broader Nifty index closed at 4,967, up 93 points or 1.92 percent from its previous close.
The rupee advanced above the 51.0 level versus the dollar, hitting as high as 50.7150, for the first time since November 21, 2011. On the upside, the domestic unit may find resistance around the 50.50 level in the near-term.
