India rupee hits 1-month high; key ally to support govt on FDI vote

MUMBAI Thu Dec 6, 2012 3:38pm IST

Related Topics

MUMBAI Dec 6 (Reuters) - The Indian rupee strengthened to its highest level in a month on Thursday as investors grew hopeful the government would be able to win a key vote on foreign direct investment in retail in the upper house of parliament on Friday.

At 3:33 p.m. (1003 GMT), the partially convertible rupee was at 54.17/18 per dollar, its strongest since Nov. 7. It had closed at 54.54/55 on Wednesday.

Stocks and the rupee started rising after Bahujan Samaj Party, which had abstained in the lower house, said it will now support the government's move to allow FDI in retail, which may help tilt the vote in the favour of the government. (Reporting by Swati Bhat; Editing by Anupama Dwivedi)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage