RTTN:Indian Rupee Climbs To More Than 2-month High Against U.S. Dollar
(RTTNews) - In late afternoon deals on Friday, the Indian rupee extended early rally against the U.S. dollar on hopes of further measures from the government to attract more foreign fund inflows into the country.
Sentiment also got a lift following diesel price hike announced by the government and monetary stimulus measures announced by the U.S. Federal Reserve.
India's annual inflation, based on the monthly wholesale price index, increased in August, and exceeded economists' forecast, preliminary data released by the Central Statistics Office showed.
The wholesale price index increased 7.55 percent on an annual basis in August, faster than the 6.87 percent growth seen in July
The rupee is now trading at 54.395 against the greenback, its highest level since July 6. On the upside, the rupee may break 54.00 level. The greenback-rupee pair ended yesterday's deals at 55.4255.
