The Indian rupee opened sharply higher against the U.S. dollar on Friday on firm global cues after U.S. Federal Reserve announced plans to buy mortgage-backed securities to boost the lagging economy.
Indian government's decision to raise the diesel price by a steep Rs.5 per liter and limiting supply of subsidized liquefied petroleum gas (LPG) cylinders to 6 per household in a year also improved sentiment.
The rupee advanced to 54.78 per dollar, its strongest level since July 20 and the next resistance level for the rupee is seen at 54.00. The pair closed yesterday's deals at 55.4255.
by RTT Staff Writer
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