Rupee recovers by 14 paise to end at 53.67 vs USD on reform hopes
Consistent foreign funds inflow in stocks amid fresh dollar selling by exports and sustained weakness in dollar overseas also helped the rupee rise, forex dealers said.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced strong at 53.68 a dollar from previous close of 53.81 and touched a high of 53.58 on the back of initial rise in domestic stocks.
However, fall in equities after mid-session pulled the rupee down to a low of 53.90. It later recovered in line with stocks to settle at 53.67, a rise of 14 paise or 0.26 percent.
The biggest threat to reforms in India is an unstable government at the Centre after 2014 elections, Chidambaram said today reaffirming government's commitment to reforms and confidence about passage of pension and insurance bills in Parliament's Budget session beginning next month.
According to a note by Bank of America Merrill Lynch, who co-hosted an investor conference with DBS, Chidambaram, who is on the second leg of his east Asia tour wooing foreign investment, said the goods and service tax (GST) regime is a major reform and hoped that the legislation would be approved by Parliament in the winter session in December this year.
Meanwhile, the Indian stock market benchmark BSE Sensex today closed up by 45.04 points or
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