The rupee continued to notch smart gains in trade with the currency last trading at 60.65 to the dollar. The currency has now hit a 3-week high on robust inflows into the capital markets, particularly debt markets.
The rupee which had hit a lifetime low of 68.86 against the dollar, exactly a year back in August last year, has rallied smartly. A bulk of this is largely on account of capital flows into the stock markets. FIIs have so far invested about $26 billion into the Indian markets. They continue to chase Indian stocks.
The rupee is expected to trade in a range in the coming months.
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