Rupee strengthens slightly to 63.37 per dollar

Written by | January 6, 2015 | 0

Mumbai: The Indian rupee on Tuesday strengthened against the dollar after international crude oil prices fell to a five-and-a-half-year low, which raised hopes among investors that it will help the government to achieve its fiscal deficit target of 4.1% of gross domestic product (GDP).

Also, divestment from coal mines and spectrum is likely to help government meet its deficit target. The Indian currency opened the session at 63.37 per dollar compared with its previous close of 63.42. At 9.15am, the rupee was trading at 63.36 a dollar, up 0.09%. Brent crude oil suffered a 1.8% drop on Monday to $55.42 per barrel, a fresh low going back to April 2009. Since a recent peak in June, the price of the international benchmark has now fallen by 51.8%, due to concerns of slowing demand coupled with a glut of global supply, Reuters reported.

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