RTTN:Indian Rupee Jumps To 2-week High Against US Dollar
The Indian rupee climbed sharply against the US dollar on Thursday as domestic equities rallied for the second straight day on firm global cues and the end to the four-day logjam in Parliament on FDI in retail.
Breaching the 19,000-mark for the first time in nearly two-months, the BSE Sensex ended the session up 329 points or 1.75 percent at 19,171. The broader Nifty index climbed 98 points or 1.7 percent to 5,825.
Lok Sabha Speaker Meira Kumar allowed a discussion on the subject under a rule that entails voting, saying she has received 30 notices for discussion on FDI in multi-brand retail under Rule 184. The debate and vote on the issue will take place on December 4 and 5.
The dollar weakened against the euro on increasing risk-sentiment as investors cheered signs of progress on the U.S. fiscal cliff. President Barack Obama and Speaker of the House John Boehner both said a deal to avoid a budget crisis could be reached before the end of the year.
The rupee rose to a 2-week high of 54.7750 against the dollar, up almost 1.7 percent from yesterday's close of 55.7150. The near-term resistance for the rupee is seen around the 54.6570 level.
