Rupee opens below 60: gains 34 paise

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, June 28, 2013, 9:13 [IST]

The rupee made sharp gains against the US dollar in trade and rose past the 60 mark to trade at 59.85 against the dollar.

Sharp gains across the global equity markets, following hints from Federal Reserve policymakers that the central bank has time before it starts reducing its bond-buying, also helped support the rupee.

Dealers say that the rupee rally may be shortlived as India's fundamentals, particularly its current account deficit continue to remain weak.

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