RTTN:Indian Rupee Off 10-day Low Against US Dollar
(RTTNews) - The Indian rupee edged lower against its US counterpart on Friday as domestic equities fell after data showing significant slowdown in December industrial output. However, the rupee recouped some of its losses at the end of the day's trading.
Investors also remained skeptical on whether Greece can deliver the reforms after political leaders on Thursday clinched a last-minute deal on severe austerity measures needed to secure a new bailout package from the European Union and the International Monetary Fund.
The benchmark 30-share Sensex fell to a low of 17,627 in the afternoon before recouping some of its loss and ending down 82 points or 0.46 percent at 17,749. Likewise, the 50-share Nifty ended off its day's low at 5,382, down 31 points or 0.57 percent from its previous close.
India's industrial output grew an annual 1.8 percent in December, significantly down from 8.1 percent in the corresponding period of last fiscal and 5.95 percent in November 2011, mainly due to contraction in mining and capital goods sector, government data released today showed.
The rupee advanced to 49.3750 against the US dollar, having appreciated almost 0.8 percent from a 10-day low of 49.7650 hit early in the session. The dollar-rupee pair then stabilized below the 50-day SMA at 49.4540 and its next downside target is seen around the 49.10 level.
