Rupee erases early losses

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.