The rupee gained further ground against the dollar rising to 62.51 as against its previous closing of 62.57 against the dollar. Gains were seen largely as global markets saw a good rally on the back of strong economic data from the US.
The rupee may continue to show strength and would depend much on global data and global cues. A risk averse attitude in equities could also drag the rupee lower. All eyes are now on the elections in Greece which could be the next big trigger for the markets.
A decline in crude prices will be good for the rupee, given that dollar outflows is heavy on account of payment for imported crude.