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:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Indian Exports

Indian Exports

How to get India’s exports back on track  Full Article 

Reuters India Mobile

Reuters India Mobile

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