The Indian rupee strengthened against the U.S. dollar in evening deals on Tuesday, as regional shares rose amid optimism the government will move ahead with crucial economic reforms.
After coal and insurance reforms, the government yesterday approved an ordinance to amend the contentious land acquisition act and ease restrictions including a «consent clause» which was seen as obstacle for power, highways, housing, defense and infrastructure projects.
The benchmark S&P BSE Sensex ended the session up 7.81 points or 0.03 percent at 27,403.54. The broader CNX Nifty index finished higher by 1.95 points or 0.02 percent, at 8,248.25.
The rupee advanced to 63.38 against the greenback, its highest since December 24. This may be compared to an early nearly 2-week low of 63.79. If the rupee rises further, 62.00 is seen as its next resistance level. The pair was worth 63.69 at yesterday's close.
The material has been provided by InstaForex Company – www.instaforex.com