The rupee witnessed sharp gains by 38 paise against the US Dollar on Friday as Chief Economic Advisory Raghuaram Rajan said all options were open to fund the record current account deficit.

The rupee was last trading at 58.75 to the dollar, witnessing one of the swiftest gains in recent times. RBI measures coupled with signals from the government has now come to the defense of the rupee, which has rallied both on Thursday and Friday. The rally on Thursday came despite a huge fall in the stock markets.

Analysts say the rupee might continue to gain or may at least remain stable in the next few days.

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