Rupee trades weak at 60.28 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, April 11, 2014, 9:53 [IST]

The rupee was trading lower to the dollar in early trade on weak global cues, following a sharp decline in markets across the US.

The rupee was last trading at 60.28 to the dollar, down 21 paise over Thursday's close. Sentiments across the equity markets were also weak after the NASDAQ fell 3.1 per cent, seeing its worst fall since Nov 2011.

The rupee has been recovering sharp ground in the last few months on improving fundamentals, particularly a sharp drop in the current account deficit. The currency had fallen to a record low of 68.81 against the dollar last year in Sept, but has recovered since than.

Also, hopes of a Narendra Modi led government at the Centre, when election results are announced has pushed the rupee higher along with a surge in dollar inflows from foreign funds. Check currency rates here

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