Rupee opens steady at 59.01 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, May 30, 2014, 9:05 [IST]

The rupee was trading marginally higher by 2 paise in opening trades against the dollar at 59.01. The currency had closed at 59.03 on Thursday.

The rupee has remained steady in the last few days and the volatility seen during the election period has now eased. Dealers say that the currency is likely to remain steady in the absence of any major cues, and a sharp appreciation in the rupee is unlikely.

Foreign funds have also been net selling in the Indian equity market and hence dollar fund flows from them are unlikely to be too robust.

The next big trigger for the currency is likely to be the Union Budget. If we have some serious announcements on FDI, the rupee is likely to get stronger on hopes of a revival in dollar flows. check currency rates here

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