Rupee gains in early trade; rises above 60

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 Rupee gains in early trade; rises above 60
The rupee made smart gains in trade today on rising equities and after a series of measures taken by regulators.

The rupee was trading at 59.85 against the dollar, gaining 76 paise in trade.

According to a Reuters report regulators toughened rules for derivatives trading in the currency market in a bid to arrest the steep decline of the rupee.

A SEBI directive has stated, "In consultation with RBI and in view of the recent turbulent phase of extreme volatility in USD-INR exchange rate, it has been decided to curtail position limits and increase margin requirements for Currency Derivatives."

Dealers also expect some dollar inflows into the forex market following a stake by Unilever Brothers in its Indian subsidiary.

Read more about: dollar
Story first published: Tuesday, July 9, 2013, 9:10 [IST]
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