In early deals on Monday, the Indian rupee advanced against the U.S. dollar. The rupee is now trading at 56.59 per dollar with 56.00 seen as the next upside target level.
India's finance minister and UPA presidential candidate Pranab Mukherjee said at the weekend that the government and the RBI would announce measures today to boost the economy and shore up the falling rupee, which has dropped about 13 percent in the past three months to close at 57.15 against the dollar on Friday.
According to media reports, the measures could include a hike in the interest rate on FCNR deposits, a bond issue for non-resident Indians and an increase in foreign-investment limits to help increase dollar inflows and strengthen the Indian currency.
by RTT Staff Writer
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