India rupee hits 1-month high; key ally to support govt on FDI vote
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)
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target. Article