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Rupee gains at open in 2013; 'fiscal cliff' deal aids

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Rupee gains at open in 2013; 'fiscal cliff' deal aids
Mumbai: 

The rupee rose in opening trade on Tuesday, boosted by a deal to avert the U.S. "fiscal cliff", but gains were capped by a surge in the country's current account deficit.

At 9:06 a.m., the partially convertible rupee was at 54.82/83 per dollar versus its previous close of 54.99/55.00.

The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, Obama administration officials said on Monday.

India's current account deficit widened to a record high of 5.4 percent of GDP in the September quarter as export growth slowed more sharply than imports, with a similar gap expected in the December quarter likely to prolong weakness in the rupee.

Copyright @ Thomson Reuters 2013

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