News Column

Indian Rupee Extends Rally To Near 3-week High Against US Dollar

July 2, 2014

NEW DELHI (Alliance News) - The Indian rupee extended its early rally against the US dollar in later deals on Wednesday, as investors became optimistic ahead of the nation's budget to be unveiled next week.

Traders are expecting the Narendra Modi government to announce measures to spur growth and investment, while containing inflation in the new budget. The Finance Minister Arun Jaitley is to present the budget on July 10.

The rupee spiked up to 59.59 against the greenback, a level not seen since June 13. The rupee is likely to find resistance around the 58 zone. The pair was valued at 59.93 at yesterday's close.

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Source: Alliance News

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