The rupee opened the day at 58.70 and was trading at 58.75 in early morning trade. The currency after appreciating significantly in the last few trading sessions is now showing signs of stability. The rupee had closed at 58.63 to the dollar on Tuesday.
Dealers say the currency would continue to trade in the 58 levels, until a time when new policy initiatives are undertaken. A sharp appreciation in the rupee may prompt the Reserve Bank of India to intervene to prevent sharp gains. The one reason for intervention by the RBI in the currency market would be to help support exports, at a time when global economic recovery is fragile.
The rupee last year hit a historic low of 68.86 against the dollar, but has shown a smart recovery thanks to a number of measures from the government and the RBI. Check currency rates here
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