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
- Iran prosecutor gives government 30 days to block social media
- Islamic State closes in on Syrian town, refugees flood into Turkey
- Nationalist leader says Scots tricked out of independence
- Study asks whether artificial sweeteners may drive diabetes
- CORRECTED-UPDATE 3-Tens of thousands crowd New York streets for climate march
GROUP OF 20
The G20 leading nations say they are tantalisingly close to adding an extra $2 trillion to the global economy and creating millions of new jobs, but Europe's extended stagnation remains a major stumbling block. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article