The rupee on Thursday zoomed 64 paise to end at almost a three-month high of 61.11 against the US dollar enthused by a narrowing current account deficit (CAD) and domestic stock indices logging new peaks.
CAD stood at $5.2 billion or 1.2% of GDP during July-September.With a CAD of $31.1 billion during April-December 2013, India looks on course to contain the deficit within $45 billion in 2013-14, down from $88 billion last year.
Within a month of its launch, India’s largest carmaker Maruti Suzuki’s latest small car Celerio has garnered bookings of over 22,000 units, with more than half of the share accounted for by the automatic gear-shift variants.
The rupee Wednesday rose to its highest level in over a month and closed 10 paise up at 61.75 against the dollar following sustained selling of American currency by exporters and some banks, amid firm local equities.
Bharti Airtel, Reliance Communications and Vodafone are expected to announce cheaper data tariff plans for consumers over the next couple of months. This means email services and downloads of movies, YouTube and other videos, pictures and songs on mobile handsets will become cheaper.