We extend our earlier investigations [Opt. Commun. {\bf 179}, 97 (2000)] on the enhancement of magneto-optical rotation (MOR) to include inhomogeneous broadening. We introduce a control field that counter-propagates with respect to the probe field. We derive analytical results for the susceptibilities corresponding to the two circular polarization components of the probe field. From the analytical results we identify and numerically demonstrate the region of parameters where significantly large magneto-optical rotation (MOR) can be obtained. From the numerical results we isolate the significance of the magnetic field and the control field in enhancement of MOR. The control field opens up many new regions of the frequencies of the probe where large magneto-optical rotation occurs. We also report that a large enhancement of MOR can be obtained by operating the probe and control field in two-photon resonance condition.
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