Rupee opens strong at 60.08 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, June 23, 2014, 9:12 [IST]

The rupee opened the day strong at 60.08 to the dollar, as against its previous close of 60.18 - a gain of 10 paise. Strong sentiments prevailed in the currency market in early trade after global equity markets were trending higher.

Dealers say that the rupee would continue to trade in a range and the next big trigger for the forex markets could be the Union Budget.

Should the government announce a slew of measures including FDI in a host of sectors, it could push the rupee higher on account of expected strong dollar inflows. However, the Reserve Bank of India may not let the dollar appreciate too much, given the fact that it has to protect exporters.

The rupee has shown resilience in the last few months and has gained substantially after hitting a lifetime low of 68.86 against the dollar in August last year. check rupee rates here

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