Indian Rupee Edges Down Against US Dollar
April 12 2012 - 8:11AM
RTTF2
The Indian rupee weakened against the dollar at the end of
Thursday's domestic dealings despite a rally in equities. Stocks
climbed as easing concerns over Europe's debt crisis helped
investors shrug off domestic data showing slower-than-expected
industrial output growth.
Growth in factory output growth, as measured by the Index of
Industrial Production, rose 4.1 percent in February compared to 7.5
percent in the corresponding period last year, the statistics
office said. The January IIP growth has been revised downwards to
1.14 percent from the provisional estimates of 6.8 percent, as high
interest rate regime made borrowings costly and curbed consumer
spending.
Benchmark indexes Sensex and the Nifty maintained their early
gains despite the downward revision in January numbers, as
weaker-than-expected industrial production numbers strengthened the
case for rate cuts from the Reserve Bank of India next week.
The benchmark 30-share Sensex moved in the range of
17,277-17,395 before paring some gains and finishing up 133 points
or 0.77 percent at 17,333, while the broader Nifty index rose by 50
points or 0.96 percent to 5,277.
The rupee moved closer to yesterday's fresh multi-month lows
against the dollar, slipping as low as 51.5955. This was lower than
its Wednesday's closing quote of 51.4550 but the domestic unit
managed to stay away from Wednesday's 3-month low of 51.6450.
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