Rupee hits 7 month high against the dollar

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 Rupee hits 7 month high against the dollar
The rupee hit a 7-month high against the dollar on sustained buying and was last trading at 60.52 to the dollar, up 25 paise in trade.

Sustained dollars inflows from foreign funds has been supporting the rupee. Foreign funds have invested as much as $1.9 billion in Indian equities in the last eight trading sessions.

Dealers said sustained selling of the American currency by banks and exporters also supported the rupee but a lower opening of the domestic equity market and dollar's rise against other currencies overseas, limited the gains. The rupee had appreciated by 12 paise in its previous session to close at an over six-and-a-half month closing peak of 60.77 against the US currency. Meanwhile, the benchmark BSE Sensex fell 50.34 points, or 0.23 per cent, to trade at 22,005.14 in early trade today.

With inputs from PTI

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