Rupee gains 33 paise on strength in equities

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, October 9, 2012, 12:02 [IST]

The rupee gained 33 paise to trade at 52.33 to the dollar on the back of sharp rebound in equity markets.

Today's gains came after two days of successive drop in the rupee. In fact, on Monday the rupee lost more than 1%, following a slump in equity markets and poor sentiments globally.

The Indian rupee has been one of the best performing currencies in recent times fuelled largely by the reforms announced by the government in September. In fact, in the last one month the rupee has gained almost 5% in line with the stock markets.

Falling crude prices have also helped the rupee since a bulk of the dollar requirement is to pay for oil imports.

Analysts are expecting the rupee to appreciate to the 50 levels, though much would depend on further reforms initiatives unleashed by the government.

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