Rupee Breaches 55 Against Dollar at Over One-Week High

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November 29, 2012 8:35 PM EST

The rupee rose to an over one-week high on Thursday, breaching 55 to a dollar, after the government agreed to a vote in parliament on multi-brand retail, sparking hopes of the passage of much needed reforms legislation.

The rupee was trading at 54.98/99 to a dollar, its highest level since November 20. It had last closed at 55.45/46 on Tuesday.

The government bowed to intense opposition pressure and agreed on Thursday to a vote on its decision to let foreign supermarkets set up shop in India, taking a major step towards ending a deadlock that has paralysed parliament for days. 

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Copyright 2012 Thomson Reuters. All rights reserved.

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