RTTN:Indian Rupee Slides To Fresh 2-week Low Against US Dollar
(RTTNews) - Monday, the Indian rupee reached near the 56.0 level against the US dollar after a gap of more than 2-weeks as domestic equities tumbled on worsening debt crisis in Europe. Month-end-dollar demand and a weak euro also diminished the rupee exchange value.
Domestic concerns over whether or not the government will initiate fresh reform initiatives also kept investors on edge ahead of a Cabinet reshuffle expected over the next fortnight.
Political uncertainty intensified today after reports said Sharad Pawar's Nationalist Congress Party will decide today on its continuance in the Congress-led United Progressive Alliance government at the Centre.
The benchmark 30-share Sensex ended the session down about 280 points or 1.64 percent near its day's low at 16,877, while the broader Nifty index fell by 87 points or 1.67 percent to 5,118.
The rupee reached 55.9850 per dollar, its weakest level since July 7. The next barrier beyond the 56.0 level is seen at 56.0750 and a move below this could set its lowest level in 3-weeks. The dollar-rupee pair finished Friday's trading at 55.2250.
