Rupee marginally lower at 60.71 against the dollar

The rupee was trading marginally lower in trade at 60.71, down 11 paise over Friday's close of 60.60 against the dollar. The rupee is expected to move in a range in the next few days and may exhibit volatility as we draw closer to election results.

The rupee last week hit a one and a half month low, on demand for dollars and lack of fund flows from Foreign Institutional Investors.

The Indian currency was one of the worst performing emerging market currencies last year, but, has recovered substantially after hitting a lifetime low of 68.81 against the dollar.

However, improving fundamentals of the Indian economy, particularly the current account deficit has helped the rupee recover dramatically since then. Check currency rates here

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