(RTTNews) - The Indian rupee that tumbled to below the 48.0 mark against the dollar for the first time in nearly 2-years at the beginning of Wednesday's trading recouped some of its losses in subsequent trading hours as domestic equities made a come back after registering steep losses in the past few sessions. The Indian markets rebounded today, snapping a three-day losing streak, led by recovery in European markets. The August WPI inflation rose to 9.78 percent, higher than expectations for a 9.6 percent rise, government data released today showed, but that didn't deter investors from building positions ahead of Friday's rate-setting meeting. Reversing an early loss, the benchmark 30-share Sensex closed near the day's high at 16,710, up 242 points or 1.47 percent from its previous close, while the broader Nifty index on the NSE rose by 72 points or 1.45 percent to 5,013. The rupee has been sliding against the dollar since September 5 and lost almost 5 percent to reach below the 48.0 level for the first time since February 2010. The rupee erased losses after having hit 48.0050 in the morning and reached as high as 47.5850 before stabilizing in early deals.

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