MC:Rupee off 3-week low mirroring euro, local equities
The rupee pulled back from its three-week low in afternoon trade on Thursday helped by a slight recovery in the euro and domestic equities, although dollar demand from oil and Gold' class='bD_15arlink' title='gold price'>gold importers is likely to limit the recovery.
* At 2:18 pm, the partially convertible rupee was at 49.59/60 per dollar, after touching a low of 49.7850, weakest since Sept. 26, and 0.9% weaker from Wednesday's close of 49.15/16.
* Doubts about the euro zone's ability to come up with a comprehensive plan to solve its debt crisis hammered equity markets and hit the euro on Thursday, underlying investor impatience with political wrangling.
* The euro was trading at USD 1.3747, up from the day's low of USD 1.3674, but lower compared with USD 1.3840 at end of rupee trade on Wednesday.
* The index of the dollar against six major currencies was at 77.129 points, sharply above 76.705 points on Wednesday.
* The local benchmark share index was down 1.3% after falling to nearly 2% earlier.