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Economy Oct 4, 2012

More reforms: Rupee breaches 52/$, trades at 5-1/2 month high

The rupee rose to a five-and-half month high on Thursday, breaching 52 to the dollar, on the back of gains in riskier assets and as the government is expected to announce further reforms measures.

Reuters

The cabinet is set approve bills that would raise the cap on foreign direct investment in insurance firms and open the pension sector to foreign investors, a government minister told reporters on Wednesday.

The rupee was at 51.99/52.01 to the dollar at 9.06 a.m. after rising to as high as 51.96 in opening trades. It closed on Wednesday at 52.1550/1650.

Reuters


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