Rupee opens flat at 60.50 to the dollar

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Rupee opens flat at 60.50 to the dollar
The rupee opened the day flat at 60.50 to the dollar, virtually unchanged over Friday's levels. Strong GDP numbers and good global cues, helped a steady opening across the currency markets in India.

The rupee has been gaining strength against the dollar in the last couple weeks on the back of a surge in capital flows from foreign funds and also on the back of FDI notifications in certain key sectors.

Dealers say the rupee would continue to exhibit strength on the back of dollar flows from foreign funds. Already, there are talks of India's sovereign rating being upgraded, which should provide further strength to the rupee.

The rupee has shown remarkable recovery in the last one year after falling to a historic low of 68.86 against the dollar, exactly a year ago in August 2013.

An improvement in the current account deficit by way of curb in gold imports has helped steady gains in the rupee.  Check currency rates here

Read more about: dollar, foreign funds, fdi
Story first published: Monday, September 1, 2014, 9:08 [IST]
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