Rupee opens 11 paise stronger at 58.66 to the dollar

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Rupee opens 11 paise stronger at 58.66 to the dollar
The rupee has opened stronger at 58.66 against the dollar in the interbank forex markets in early trade today.

The currency had closed at 58.77 against the dollar on Wednesday. The rupee is expected to move in a range through the next few weeks, with reforms and the Union Budget being the next big triggers for the currency.

Dealers are of the opinion that the rupee has rallied significantly in the last few months, since hitting a historic low of 68.86 in late August last year and the RBI may not want to keep it stronger. This is because the country would like to protect its exporters, as exports may be badly hit should the rupee appreciate any further.

Global economic development still remains fragile and steps are needed to boost exports. Check currency rates here

Read more about: dollar, forex markets, union budget, rbi
Story first published: Thursday, May 22, 2014, 9:09 [IST]
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