Rupee near one-week high

The rupee is trading at 56.36/37, after touching 54.3250, its highest since May 30, and higher versus its close of 56.44/45 on Tuesday.

Traders say sentiment for the dollar weak after the government and RBI steps on Tuesday.

India is likely to raise the cap on foreign investment in sovereign debt by $5 billion soon, two finance ministry officials said.

The Reserve Bank of India also extended the restrictions on the import of gold on consignment basis by banks to all nominated agencies and trading houses.

Some traders also cited dollar flows towards the Unilever stake raising deal, though it was not too large, they said.

Unilever Plc plans to pay up to $5.4 billion to raise its stake in its Indian subsidiary Hindustan Unilever Ltd (HLL.NS). The open offer opens June 21 and closes July 4. HSBC is the manager to the open offer.