Indian Rupee Declines To 10-day Low Against Dollar
April 09 2012 - 1:04AM
RTTF2
In early deals on Monday, the Indian rupee slipped to a 10-day
lowagainst the US dollar as regional equities fell amid weak U.S.
jobs data.
The U.S. Labor Department reported on Friday that non-farm
payroll employment increased by 120,000 jobs in March following an
upwardly revised increase of 240,000 jobs in February. Economists
had expected the addition of about 201,000 jobs.
Despite the weaker than expected job growth, the unemployment
rate unexpectedly edged down to 8.2 percent in March from 8.3
percent in February. With the unexpected drop, the unemployment
rate fell to its lowest level since coming in at 7.8 percent in
January of 2009.
India's benchmark 30-share Sensex is currently trading near the
day's low at 17,264, down 222 points or 1.27 percent from its
previous close, while the broader Nifty index is down 73 points or
1.36 percent at 5,250.
The rupee is now trading at a 10-day low of 51.4150 per dollar
and if the rupee falls further, it may likely target the 52 level.
The dollar-rupee pair ended last Wednesday's trading at 51.1150.
Indian markets were closed on Thursday and Friday for religious
holidays.
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