Millennium Post

Rupee rises to near six-month high of 51.41 against American dollar

The rupee on Friday gained 33 paise to nearly six-month high of 51.41 against the dollar in early trade on strong capital inflows and a firming trend in the equity market after the Indian government unleashed second wave of reforms. Forex dealers said persistent dollar selling by exporters and banks and weak American currency against the euro also kept rupee strong.

The BSE benchmark Sensex rose for the fifth day in a row to fresh 15-month high of 19,086.11 in early trade Friday after the government on Thursday decided to open the pension sector to foreign investment and raising FDI cap in insurance to 49 per cent from 26 per cent.

The rupee had gained 42 paise on Thursday to close at over 5-1/2-month high of 51.74 against the dollar.
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