Rupee trades steady at 62.44 against the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, November 20, 2013, 9:50 [IST]

The rupee dropped marginally by 8 paise in early trade, exhibiting a more or less steady trend, despite weak Asian cues.

The currency was last trading at 62.44 to the dollar. The last few days have seen robust recovery in the rupee on the back of large scale fund inflows from foreign funds into the Indian markets.

Dealers say that the rupee would continue to grind higher as long as the Federal Reserve would continue to shelve the tapering off of its asset purchase programme.

The rupee after dropping to a historic low of 68.81 to the dollar has recovered following a slew of measures taken by the Indian central bank and the government of India.

The rupee is likely to remain rangebound in the next few trading sessions in the absence of any major cues.

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