RTTN:Indian Rupee Slips To 6-day Low Against US Dollar
(RTTNews) - The Indian rupee fell below the psychologically important level of 56 against the dollar after a gap of 5-days, weighed down by heavy month-end dollar-demand from oil companies and persistent euro weakness amid the deepening euro zone debt crisis. The rupee reached 56.26 against the dollar, just a few pips short of last week's fresh all-time low of 56.39/dollar level.
Indian shares fell notably, with losses accelerating late in the session on concerns about Spain's banking system after the European Central Bank blatantly rejected Spain's plan to recapitalize the troubled lender Bankia using sovereign bonds.
Investors also pondered over slowing Chinese growth after Chinese news agency Xinhua said there was no plan to introduce stimulus measures of the scale unleashed during the depths of the global financial crisis in 2008 to revive growth.
Asian markets ended broadly lower and European markets tumbled in early trading, reacting to reports of a weak Italian bond auction, weighing down sentiment. The benchmark 30-share Sensex ended the session down about 126 points or 0.77 percent at 16,312, while the broader Nifty index fell by 39 points or 0.79 percent to 4,951.
