Rupee opens stronger at 62.50 on CAD improvement hopes

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, October 1, 2013, 9:08 [IST]

The rupee opened the day stronger after the current account deficit figures that were released late on Monday came in line with estimates.

The rupee was last trading at 62.44 against the dollar, a gain of 16 paise over Monday's close of 62.60.

India's current account deficit widened to 4.9% of GDP, in the first quarter of the current fiscal. However, analysts expect the same to be way lower in the quarter ending Sept 30, as the measures taken to curb gold imports weigh in.

Dealers say that the rupee is likely to remain steady in the next few days in the absence of any major triggers. However, it could turn volatile ahead of the Fed Meeting and India's own monetary policy meet later this month. Check rupee rates here

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