Rupee hits 2-1/2 month high; diesel price hike boosts
MUMBAI (Reuters) - 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)
- Tweet this
- Share this
- Digg this
- Malaysian plane still missing; questions over false IDs
- Australia's Wesfarmers plans A$1.12 billion insurance spinoff - report
- UPDATE 6-Libya threatens to bomb N.Korean tanker if it ships oil from rebel port
- Michigan woman dead for six years found only after money runs out
- Global diets get more similar in threat to food security-study
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew was presumed to have crashed off the Vietnamese coast on Saturday, and European officials said two people on board were using false identities. Full Article