RTTN:Indian Rupee At Near 2-month Low Vs U.S. Dollar Amid Industrial Production
The Indian rupee slipped against the U.S. dollar in late morning deals on Monday following a report showed that country's industrial production fell unexpectedly in September.
India's industrial production decreased from last year in September, contrary to economists' forecast for an increase, driven mainly by a fall in capital goods output, preliminary data released by the Central Statistics Office showed today.
Industrial production declined 0.4 percent on an annual basis in September, while economists were looking for a 2.8 percent increase.
A weakness in regional stocks also contributed to rupee's slide.
The rupee is now trading at 54.845 against the greenback, its lowest level since September 14. The next immediate support level for the rupee is seen at 55.00. The pair closed Friday's deals at 54.685.
