RTTN:Indian Rupee Off 2-1/2 Month Low Against US Dollar
(RTTNews) - The Indian rupee that reached its lowest level since May 25 in the morning recouped some of its trading losses in late deals in line with the domestic stock market fluctuations.
The Indian market extended its recent losses after staging an intra-day recovery in afternoon trading. Joining a global rout, the benchmark 30-share Sensex ended down 132 points or 0.78 percent at 16,858.
The broader Nifty index fell by 46 points or 0.89 percent to 5,073 after a spectacular comeback in the afternoon.
Persistent dollar demands from import biggies and banks also helped the initial boost for the American currency against its Indian counterpart, hitting as much as 45.39 in the morning.
Reports that oil marketing companies might cut petrol prices and expectations of higher FII inflows helped the equity market cut its loss in late trading. As a result, the rupee snapped back to as high as 45.07 against the greenback and traded in a range between 45.28 and 45.19.
