Rupee opens strong at 59.09 to the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, June 9, 2014, 9:15 [IST]

The rupee opened the day stronger at 59.09 to the dollar, as against Friday's closing of 59.17. The rupee has been moving in a range and dealers expect it to continue to trade in a band until the Union Budget will be declared.

There has been some forex inflows from Foreign Institutional Investors (FIIs) which has pushed the rupee a little higher in the last one week.

The currency has staged a remarkable recovery since hitting a historic low of 68.86 against the dollar in August last year. However, further gains for the rupee may not be advisable from the current levels, given that it could hurt exports in the coming days. Hence, one would not be surprised if the RBI keeps buying dollars to prevent further gains in the rupee. Check currency rates here

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