Rupee trades flat at 58.55 to the dollar

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Rupee trades flat at 58.55 to the dollar
The rupee was trading virtually unchanged at 58.55 to the dollar, as against a close of 58.51 recorded on Monday.

Dealers say the rupee is expected to remain stable in the next few days and may now trade in a range. It could take cues from policy measures to be initiated by the new government, though the chances of the currency strenghthening substantially from current levels are minimal.

This is because there is a possibility that the RBI could intervene to prevent a sharp appreciation in the rupee to ensure some protection for exporters.

The rupee has shown a sharp recovery of almost 10, after falling to a historic low of Rs 68.61 against the dollar in August last year. It is now one of the best performing Asian currencies thanks to a number of measures initiated by the government and the Reserve Bank of India to tame the current account deficit. Check currency rates here

Read more about: dollar, rbi
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