Rupee near one-week high on debt rules, risk sentiment

The rupee is near a one-high in line with positive global risk sentiment and on the government move to allow investment in debt by foreigners, traders said. The pair at 54.09/10 versus 54.33/34 Friday close, hitting its lowest level since March 19 in trade.

India will ease restrictions for foreign institutional investors in government and corporate bonds next month to attract inflows and help fund a widening current account deficit, Finance Minister P. Chidambaram said on Saturday.

The euro rose broadly on Monday after Cyprus clinched a deal with international lenders for a bailout aimed at saving the country from financial meltdown.