Rupee scales past 53; hits 3 and half month high

The rupee scaled past the 53 mark and hit a three and half month high as sustained selling in the dollar led to the strengthening of the currency.

The rupee was trading at 52.98 against the dollar at 10 am IST. The rupee is likely to continue to gain ground given the sizeable foreign fund flows into the Indian equity markets.

The Indian currency was one the worst performing currencies in 2012, but has since recovered in 2013. The rupee is expected to remain strong as long as the sizeable flow from foreign funds continue.

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