India Rupee at Four-Month High

MUMBAI–The Indian rupee Monday surged to its highest level in four months against the U.S. dollar after the federal government announced policy changes to improve investor sentiment and attract foreign money.

At 0335 GMT, the dollar was at 53.66 rupees, a level not seen since May 15. It was at 54.30 rupees in late Asian trade Friday.

Local stocks are widely expected to open sharply higher and lend further support to the rupee.

Late Friday, the government revived a plan to let foreign retailers own up to 51% of local ventures, finally going ahead with a plan which it has toyed with for years but was unable to implement due to opposition from its allies.continue

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