Rupee gains as exporters sell dollars

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Rupee gains as exporters sell dollars
The rupee continued its gaining spree jumping 21 paise to trade at 53.25 to the dollar. The sharp gains in the rupee can be attributed to dollar selling by exporters on fears that further reforms measures could see the currency gaining ground.

A surge of foreign fund flow into equities has also been helping the Indian rupee in the last few trading sessions. Dealers are hopeful that the currency would continue to gain as ample liquidity in the global system will find its way into Indian equities, leading to a surge in dollar inflows.

Crude oil too has been falling over the last few days, which should provide relief for the Indian rupee in the medium term as bulk of the dollar demand in India is for paying crude imports.

Read more about: currency
Story first published: Monday, September 24, 2012, 10:37 [IST]
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