The rupee gained ground against the dollar recovering by 9 paise to trade at 60.55. The gains were despite weak equity sentiments with both the Sensex and the Nifty dropping. The rupee had closed at 60.64 on Monday.
The currency markets are expected to eagerly await comments from the US Federal Reserve Open Market Committee (FOMC) meet which is likely to end on April 30.
Any indications of further acceleration in QE3 and hints of earlier than expected interest rate hikes in the US may lead to a reversal in rupee gains. Read more on QE3 here
Following the FOMC meet the next trigger for the market would be the exit polls and the election results in the next three weeks.
The currency is expected to remain volatile as the election results are going to be a major trigger for the rupee. A stronger than expected performance by the NDA is likely to further gains for the rupee. Check currency rates here
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