Rupee gains 28 paise against dollar in early trade

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, January 30, 2013, 10:18 [IST]

The rupee today strengthened by 28 paise to 53.49 against the US dollar in early trade on the Interbank Foreign Exchange after the Reserve Bank cut lending rate and cash reserve ratio (CRR) by 0.25 per cent each yesterday to perk up economic growth.

Forex dealers said increased selling of the American currency by exporters and a higher opening in the equity market also helped the rupee sentiment.

The rupee was one of the worst performing Asian currencies last year despite record flow of funds into the Indian stock markets. It has recovered some ground this year on the government's reform measures and foreign flows into the equity markets.

With inputs from PTI