Rupee Opens at 62.51 Against the Dollar; Gains Further Ground

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.

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