Rupee gains 7 paise on the back of strong equities

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Rupee gains 7 paise on the back of strong equities
The rupee gained 7 paise in the forex market today and was seen trading at 55.59 to the dollar at 10.15 am IST.

Strong equities helped the rupee clock gains, after the European Central Bank agreed to bond purchases of troubled debt ridden European countries , which fuelled a fresh rally in stocks.

The rupee is expected to strengthen in the course of the next few weeks, if the strength in equities continues. Foreign Institutional Investors have not been buying aggressively in the stock markets over the last few weeks, after government in action on the policy front. This has not helped the rupee, which dipped in the early part of the week.

Rising prices of crude have also seen the rupee losing ground, with imports of crude becoming more expensive adding to demand for dollars.

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