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HindustanTimes Fri,25 Apr 2014

Rupee hits 2-week high after govt liberalises FDI limits

PTI  Mumbai, July 17, 2013
First Published: 12:54 IST(17/7/2013) | Last Updated: 12:57 IST(17/7/2013)

The rupee on Wednesday strengthened by 21 paise to hit a fresh two-week high of 59.10 in early trade at the Interbank Foreign Exchange market, after the government liberalised FDI limits in a dozen sectors.

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Forex dealers said the government liberalising FDI limits in a dozen sectors, including allowing 100 per cent in telecom and higher limits in 'state-of-the-art' defence manufacturing, in a bid to lure capital inflows, in a bid to curb the sliding rupee and to boost sagging economy, boosted the local currency.

They said, a higher opening in the domestic equity market, too, helped the rupee to strengthen.

The rupee had gained 58 paise to end at 59.31 against the the dollar yesterday, the biggest gain in more than a fortnight after the RBI announced a slew of measures to curb rupee's volatility.

Meanwhile, the BSE benchmark index Sensex recovered by 118.79 points, or 0.59 per cent, to 19,970.02 in early trade on Wednesday.

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