Rupee gains 12 paise as rally in equities help

The Indian rupee gained 12 paise in trade today on selling in the US dollar. A rally in equities also helped improve sentiments for the rupee, which was traded at 53.38 against the dollar at 10.20 AM IST.

A surge in dollar inflows, particularly from foreign funds has helped support the gains in the rupee over the last few trading sessions.

Analysts believe that the rupee could appreciate further, but much would depend of developments in Europe. Crude oil which has been dropping over the last few trading sessions is likely to help support the rupee, since bulk of Indian dollar demand is for importing crude oil.

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