Rupee opens marginally higher at 59.27 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, June 5, 2014, 9:04 [IST]

The rupee opened the day marginally higher at 59.27 to the dollar as against its Wednesday's close of 59.33.

The currency is expected to remain stable on the back of quiet cues expected in the global markets, including the equity markets.

It is largely expected that the currency will trade in a narrow price band in the next few days and would now await the Union Budget for major cues.

The rupee has recovered remarkably in the last few months after hitting a historic low of 68.86 against the dollar in August last year. Check rupee rates here

One can expect the Reserve Bank of India to mop-up dollars in order to prevent sharp gains in the rupee, which could hit exporters.

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