Rupee gains sharply; trades at 59.47 against the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, July 11, 2013, 9:13 [IST]

The Indian rupee gained further in trade after comments by Federal Reserve Chairman that easing in the US would be necessary saw a sharp rally across markets around the globe.

The rupee gained further to 59.47, up 21 paise over Wednesday's close. This is was a second day in a row the rupee made strong gains.

Dealers say the rupee will continue to gain as long as equity markets remain strong. However, it would be interesting to see what foreign funds do in the stock markets, which would largely determine the trend of the rupee.

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