Rupee gains ahead of Parliament vote

The rupee rose on Friday for a third straight session, helped by capital inflows on optimism that the government will be able to win a vote in Parliament and push through key reforms.

The partially convertible rupee ended higher at 54.26/27 against its last close of 54.8350/8450 per dollar.

Dealers, however, stayed focused on a crucial parliament vote next week on allowing foreign entry in multi-brand retail. The vote is non-binding on the government, but any loss will seriously imperil its ability to undertake further reforms.

The rupee snapped four weeks of losses to gain 2.3 per cent, its biggest weekly gain since early July and clocked a second month of gains.

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