Rupee back above 53 levels; gains 16 paise

The rupee was back above the 53 levels, after dollar sales following higher trending equities helped the currency gain ground.

Better than expected retail sales in the US helped equity sentiments across the globe, which helped the Indian currency recover some of the losses witnessed on Monday.

The Indian currency has remained steady against the dollar, ever since it gained more than 5%, following a slew of reforms initiated by the Manmohan Singh government.

The currency is expected to remain steady in the next few trading sessions.

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