Rupee follows equities; surges past 61 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, March 7, 2014, 9:48 [IST]

The momentum in equities drove the rupee higher with the currency breaching the 61 mark to trade at 60.95 to the dollar.
Robust fund flows from FIIs in excess of $1 billion in the past 15 days has lent support to the rupee and the equity markets. Strong showing in opinion polls by the Narendra Modi led BJP also bolstered sentiments.

Dealers say if the fund flows from FIIs continues there could be more gains in the rupee. The current account deficit which narrowed to $4.2 bn in Q3 also helped boost sentiments.

Last the year a rising current account deficit pushed the rupee to a record low of 68.81 against the dollar. Check currency rates here

GoodReturns.in