Rupee scales eight month high of Rs 59.60 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, April 2, 2014, 14:48 [IST]

The rupee scaled an eight month high of Rs 59.60 and was last trading at Rs 59.72, up 19 paise over last Friday's close. The forex markets were closed on Tuesday and Wednesday on account of public holidays.

The strength in the rupee was largely on account of strong global cues and surging inflows from foreign funds.

The S&P 500 closed at a record high boosting sentiments across equity and hence the currency markets.

The rupee is now slated to recover almost Rs 10 from a historic low of Rs 68.81 against the dollar. Dealers say the strength in the rupee is likely to continue on hopes of a strong government at the centre. Check currency rates here

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