 "Rupee recovers in early trades")
After opening weak on concerns over higher current account deficit in first quarter, the rupee has recovered to trade around 62.75 to a dollar.
At open, Rupee traded at level just shy of 63 to a dollar mark (at 62.98), according to Bloomberg data.
On Friday, it had closed at 62.49.
Rupee may continue to show weakening tendency on higher CAD reading.
The current account deficit for the first quarter (June 2013) is pegged to be above 5% of Gross Domestic Product (GDP). Reserve Bank of India will release data for Balance of Payments and CAD in evening. CAD for Q4 (March 2013) was 3.6% of GDP, down from 6.7% in Q3 (December 2012.)
At open, Rupee traded at level just shy of 63 to a dollar mark (at 62.98), according to Bloomberg data.
On Friday, it had closed at 62.49.
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It strengthened slightly as custodial banks (banks operating for portfolio investors) sold dollars. Some public sector banks also sold greenback, said treasury executives.
Rupee may continue to show weakening tendency on higher CAD reading.
The current account deficit for the first quarter (June 2013) is pegged to be above 5% of Gross Domestic Product (GDP). Reserve Bank of India will release data for Balance of Payments and CAD in evening. CAD for Q4 (March 2013) was 3.6% of GDP, down from 6.7% in Q3 (December 2012.)