Rupee opens strong on FDI hikes

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 Rupee opens strong on FDI hikes
The rupee opened the day strong with the currency trading at 59.19, up 12 paise against the dollar after the government raised FDI caps in select industries.

Though FDI was raised in crucial sectors like telecom and defence, dealers say that money, if any, through the FDI route would take several months to come in, and hence there would be no major impact at least in the next few months.

Analysts expect the rupee to trade in a range, though they say that the RBI may help reduce volatility and keep the rupee below the 60 mark.

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