Reply #68: Indian rupee slides to biggest single session fall in 2 weeks [View All]

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http://timesofindia.indiatimes.com/business/india-business/Indian-rupee-slides-to-biggest-single-session-fall-in-2-weeks/articleshow/10569700.cms

MUMBAI: The Indian rupee posted its largest one session fall in nearly two weeks on Tuesday as concerns that Europe's debt crisis may worsen eroded global risk appetite hurting equities and the euro.

The partially convertible rupee ended at 49.27/28 per dollar, 1.2 percent weaker from its previous close of 48.69/70 making this the biggest single day fall for the unit since Oct 20.

Intraday, the unit had moved in a wide band of 48.8300 to 49.3150, but traders ruled out any intervention at the lower levels from the central bank stating the currency had seen far worse single day swings.

The central bank's policy states it would intervene in the foreign exchange market only to cut volatility and not to support any levels on the rupee.