The rupee opened the day strong at 60.93 against the dollar, as economic data, particularly a sharp drop in retail inflation came in as a relief. The currency had closed at 61.11 against the dollar.

Today's gains in the rupee came despite a sharp drop in equity markets across the globe. Analysts are now expecting the Reserve Bank of India to cut interest rates going forward.

The current is expected to hover in the 60-61 levels for a few weeks in the absence of any major cues. Check rupee rates here

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