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| A Pro-US President |
 FRANCE is glad to be rid of
Nicolas Sarkozy, who lost the
country's presidency in a runoff
election this weekend to the
Socialist candidate, Francois
Hollande. He was ineffective in office
and prone to gaffes in public.
But the French will miss him more
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| MANDATE FOR
CHANGE IN EUROPE |
 THE French are revolting.
The Greeks, too. And it's
about time. Both countries
held elections on Sunday
that were in effect referendums
on the current European
economic strategy, and in both
countries voters turned two
thumbs down.
It's far from clear how soon the
votes will lead to changes ... |
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Rupee loses early gains, closes 21 paise down vs dollar
PTI
MUMBAI
THE Indian rupee washed out all of its early gains and closed down by 21 paise at 53.12/13 against the American currency on distinctly weak local stocks amid fresh dollar demand from importers.
Strong dollar overseas amid fresh capital outflows also weighed on the rupee, a forex dealer said.
The Indian rupee resumed higher at 52.83/84 a dollar from previous close of 52.91/92 at the Interbank Foreign Exchange (Forex) market and immediately touched a high of 52.68 in initial stability in equities on the back of firm Asian stock markets.
It, later, slumped to a low of 53.3150 on steep fall in local equities amid fresh capital outflows before concluding at 53.12/13, exhibiting a fall of 0.40 per cent. On Monday, it had risen by a whopping 56 paise (1.05 percent) after Finance Minister deferred General Anti-Avoidance Rules (GAAR) in parliament by one year until April 2013.
The dollar index was up by about 0.15 percent against a basket of currencies, finding support amid continuing jitters in the wake of Europe’s weekend elections and New York crude oil was trading above $97 a barrel in Europe on Tuesday.
Alpari Financial Services (India) Pramit Brahmbhatt CEO said, “The INR reversed the gains accumulated in last session on rising dollar index and falling Indian equity markets.”
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