MUMBAI Jan 18 The Indian 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. (0411 GMT), the partially convertible rupee was at 53.98/99 per dollar, after hitting 53.95, its strongest since Nov. 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
Having bitten the bullet on bad loans, India's state-owned banks now need to merge into half a dozen well-capitalised institutions than can underwrite economic growth, the official overseeing the sector's overhaul said. Full Article