Rupee trades flat at 62.32 to the dollar

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Rupee trades flat at 62.32 to the dollar
The rupee was trading flat at 62.32 to the dollar, after equities rallied across the globe on better than expected economic data from the US.

The US payroll report released on Thursday saw rising hopes that economic recovery in the US would gather momentum.

The rupee has been trading steady against the dollar and has shown gradual recovery in the last few weeks. This is despite a currency turmoil across emerging markets including the Argentinian Peso, the South African Rand, the Turkish Lira and the Mexican Peso.

Also, the US Fed has now twice tapered off its bond buying programme in December and January, but, this has not had any significant impact on the Indian rupee.

With the current account deficit falling dramatically in the last few quarters, the rupee is likely to remain resilient against the US dollar.  Check rupee rates here

Story first published: Friday, February 7, 2014, 10:04 [IST]
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