Well in my case, I am using PowerPoint 2010 on Win 7 bootcamp partition on a Macbook. So by default, the keyboard layout that is being used is Apple and Powerpoint doesn’t like that. I googled and luckily the fix is easy.
Open Control Panel
In view mode “View by Category”, find the section “Clock, Language and Region”
Click “Change Keyboards or other input methods”
Press the button “Change Keyboards”
Press the button “Add”
Scroll down to “English (United States)” and expand.
Check box “US”
Press OK.
Press OK. — You’ll see two keyboards listed “US” and “United States (Apple)”
Press OK.
This worked for me.
Now back to my presentation 
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