Rupee surges 31 paise Vs dollar in early trade on RBI measures

The rupee today gained 31 paise to trade at 60.57 against dollar on increased selling of the US currency by banks after RBI announced more measures to support the domestic currency.
Dealers said selling of the American currency by banks and exporters and firm stock markets supported the rupee.
The Reserve Bank on Friday announced that it will sell government bonds worth Rs 22,000 crore every Monday to check volatility in the forex market.
Analysts had said that people who have long positions on the dollar may take a hit due to RBI measures as liquidity is expected to go out of the system.

The rupee had gained 42 paise to close at 60.88 against the US currency in the previous session on Friday. Forex market remained closed on Friday for 'EId-ul-Fitr'.
Meanwhile, the BSE benchmark index Sensex gained 162.65 points, or 0.86 per cent, to 18,951.99 in early trade today.