Rupee rises to 7-week high of 54.36 against dollar
Mumbai: The rupee rose to a seven-week high of 54.36 against a dollar Tuesday as some clarity on taxation rules and the measures announced by the government to attract overseas investments boosted confidence in the Indian currency.
The partially convertible rupee rallied for the fourth trading sessions in a row. It closed 1.07 percent higher at 54.36, the highest level in seven weeks.
The rupee has rebounded sharply after hitting a record low of 57.33 against a dollar June 22.
The finance ministry proposal that the controversial general anti-avoidance rules (GAAR) would not be applicable on participatory notes, through which many foreign investors invest in India, boosted foreign investors confidence in the markets.
The guidelines also calls for a monetary threshold for implementation of GAAR.
The Reserve Bank of India's (RBI) move to hike overseas investments limit in government bonds also sent a positive signal to the market and helped revive the battered currency.
(Continued)
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