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Rupee remains steady against dollar
The Indian rupee was steady at its overnight closing levels against the greenback in early trade on Tuesday amid consolidating equity markets and absence of any market moving factors.In lacklustre activity at the Interbank Foreign Exchange (forex) market, the domestic currency resumed at 49.00/49.01 a dollar from its previous close of 48.99/49.00 a dollar and later ruled steady at 48.98/99 a dollar in late morning deals.

Does stock market reflect the economy?

The stock market is not the economy.The market's painful slide downward may be ending. The economy's suffering has a long way to go.How do we know that? Washington is telling us. It's saying the economy is still in serious trouble and opening the possibility of another government-funded stimulus package."With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," Federal Reserve Chairman Ben Bernanke told Congress on Monday.The financial world has been buzzing over whether the all-out panic that fueled the recent stock rout could really be over.On October 10, the Dow Jones industrial average plunged to a close of 8,451.19 — its lowest in 5 1/2 years. Then it spent most of last week seesawing, but finished with its best weekly performance in five years.Investors are feeling like we might have reached a turning point. They point to improving credit conditions. The London interbank offered rate, or Libor, has retreated from recent highs, which means lower interest rates on consumer loans like adjustable-rate mortgages.