Indian Rupee Advances To 4-day High Vs U.S. Dollar As Govt Notifies FDI

The Indian rupee continued gains against the U.S. dollar in late morning deals on Friday after the government's notification allowing foreign investment in multi-brand retail, aviation and broadcast.

Falling oil prices, speculation that price of levy sugar will be increased and reports that the government is considering easing FDI norms for a few other sectors, including pharmaceuticals also helped lift investor sentiment.

The rupee rallied to a 4-day high of 53.8610 against the greenback with 53.00 seen as the next resistance level. The greenback-rupee pair closed yesterday's deals at 54.2605.