MUMBAI The rupee strengthened to its highest level in near two-and-half months on Friday, breaching the key 54-per-dollar mark, on continued bullishness a day after the government partially deregulated diesel prices.
At 9:41 a.m., the partially convertible rupee was at 53.98/99 per dollar, after hitting 53.95, its strongest since November 2 and sharply up from its previous close of 54.3850/3950.
Traders said the hike in diesel prices would gradually bring down the large fiscal deficit and was a key positive for the rupee.
Broad gains in other Asian currencies and a risk-on mood in global markets also aided the rupee.
(Reporting by Swati Bhat; Editing by Sunil Nair)
Trending On Reuters
Next year, Dr. Ketan Desai is slated to head the World Medical Association (WMA), guardian of the Hippocratic Oath. The WMA is standing by him, even as he battles conspiracy allegations in two Indian courts. Desai has been facing allegations that he conspired in 2009 to have the Medical Council recommend that a private medical college be allowed to add more students. Full article