RTTN:Indian Rupee Off Previous Lows Against Dollar
(RTTNews) - The Indian rupee erased some of its early morning losses against the dollar at the end of the domestic session on Wednesday. The rupee fell below 51.0 per dollar in the morning as the latter firmed up on month-end dollar demands from importers and also due to the fiscal-year-end squaring up of positions.
With core inflation remaining elevated and high oil prices making RBI's room for manoeuvre very limited, investors chose to cash in some of the previous session's gains ahead of the F&O expiry slated for tomorrow. Tepid global cues also dampened investor mood to a certain extent.
Apprehensions over the adoption of the new tax norms 'General Anti-Avoidance Rules' also weighed on Indian shares. The benchmark 30-share Sensex ended the day down 135 points or 0.79 percent at 17,122 and the broader Nifty index fell 48 points or 0.92 percent to 5,195.
The rupee that slipped below the 51.0 mark against the dollar in mid-morning deals snapped back above the 50.71 level but fell a few pips short of Tuesday's closing quote of 50.6650. The dollar-rupee pair is presently hovering at 50.80 with 50.50 seen as the next likely target level.
