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Indian Rupee Slides Below 52.0 Against Dollar

The Indian rupee edged sharply lower against its US counterpart on Thursday, slipping below the 52.0 level for the first time since January 10, despite a rally in domestic equities.

Indian shares rose for the fourth consecutive session today, with gains accelerating late in the session, as major banks like PNB, IDBI Bank and ICICI Bank cut their lending rates and reports revealed France and Spain both held successful bond auctions.

While France sold a total of EUR 7.973 billion of bonds at the top end of targeted range, Spain managed to sell EUR 2.54 billion in 2 and 10-year bonds, just above the original EUR 2.5 billion target at higher yields, early reports indicated, easing concerns over Europe's debt crisis.

The benchmark 30-share Sensex ended the session up 111 points or 0.64 percent at 17,504, while the broader Nifty index rose by 32 points or 0.61 percent to 5,332.

The rupee reached as low as 52.1475 against the dollar, down from yesterday's close of 51.78.

The Indian rupee that was one of the best performing currencies in Asia early this year has lost almost 7.5 percent thus far, after having touched a multi-month high of 48.57 in February.

The rupee appreciated above 10 percent in the first 2-months of the year since it's record low of 54.3050 hit late December 2011.

by RTTNews Staff Writer

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