Rupee trades flat at 60.35 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, April 17, 2014, 10:38 [IST]

The rupee was trading flat to the dollar at 60.35, after opening at a high of 60.28. US Fed Chair, Janet Yellen had hinted at an accommodative policy in her speech last night, which saw the Indian rupee opening stronger.

However, it gave up most gains and was trading almost little changed at 60.35 to the dollar.

The rupee is expected to trade in a range at least until the election results are known. Should a government with a strong mandate be voted to power, it's highly likely that we may see a sharp appreciation in the rupee.

The rupee last year had fallen to a historic low of 68.81 against the dollar, but, since than the currency has recovered on the back of a strong recovery in economic fundamentals, particularly the current account deficit. Check currency rates here

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