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Rupee erases early losses

Market participants say rupee to stabilise around the current levels

<a href="http://www.shutterstock.com/pic-107101346/stock-photo--indian-rupees-high-resolution-seamless-texture-indian-money-seamless-texture.html" target="_blank">Online</a> image via Shutterstock

Manojit Saha Mumbai
Rupee has erased early losses on strong inflows and has gained about 28 paisa to trade at 61.46/$ as compared to the previous close of 61.74/$. The currency touched 61.85 in early trades.
 
Yesterday, the rupee logged one of the sharpest gains in recent times and appreciated 1.16% against the dollar on portfolio flows and weak dollar across all major currencies. 
 
Market participants say rupee to stabilise around the current levels and can also have a positive bias as the shutdown in US fueled speculation about further deferring of the asset purchase programme of the US Federal Reserve. 
 

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First Published: Oct 04 2013 | 11:12 AM IST

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