The rupee opened the day lower against the dollar, despite the trade deficit narrowing. The currency was last trading at 62.17 against the dollar as the US currency gained against most other currencies.
India reported a trade deficit that narrowed to a 30-month low of $6.7 billion, the lowest in 30 months. Despite this the rupee failed to stage a meaningful recovery in early trade.
The currency has been one of the best performing Asian currencies lately with the rupee rallying from a historic low of 68.81 to the current levels.
The government's series of measures to curb speculation and a series of measures to curb gold imports is likely to help the current account deficit and hence the rupee.
The rupee is now likely to trade in a range and would most likely take cues from international events lined up. Check currency rates here