Rupee gains 8 paise at 60.34 against the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, April 30, 2014, 10:21 [IST]

The rupee gained 8 paise against the dollar at 60.34, on strong global cues, particularly from equity markets.

Forex markets would now await hints from the US Federal Reserve, whose officials hold a Federal Open Market Committee (FOMC) meeting today.

Any hints of tightening interest rates earlier than expected by the US Federal Reserve could see some impact on currencies across the globe, including India. The meet is expected to further announce a QE3 tapering of $10 Billion, which is unlikely to take the markets by surprise.

The FOMC is expected to make a statement later today.

The Indian currency has made a remarkable recovery after hitting a historic low of 68.86 against the dollar in August last year. Check currency rates here

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