Rupee gains 14 paise; trades at 53.16 to the dollar

The rupee continued its winning streak for the second day in succession, gaining 14 paise in early trade. The Indian currency was last trading at 53.16 to the dollar, as sustained dollar inflows from foreign funds helped the rupee.

Foreign funds have so far invested a record amount into Indian markets in 2013, pushing Indian stock markets higher and helping to sustain the rupee.

Dealers believe that the efforts by the government and a thrust on reforms would help support the rupee in the near term.

In 2012 the rupee was one of the worst performing Asian currencies, as oil and gold imports weighed on the current account deficit and hence the rupee.

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