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Rupee stronger, tracks gains in shares

Is seen moving in a 58.40 to 58.60 range until close

<a href="http://www.shutterstock.com/pic-145704104/stock-photo-indian-currency-rupees-and-coins.html?src=p5N32CFr8-mqwY5wKad6IA-1-63" target="_blank"> Rupee image </a> via Shutterstock.com

Reuters
The rupee is trading at 58.4750/4850 versus its previous close of 58.7750/7850 on Wednesday, tracking gains in local shares.
 
The rupee hit a session high of 58.41 after reports that the finance ministry is working on a proposal to cut the fiscal deficit to 3.8-3.9% of GDP, citing two finance ministry officials.
 
That would be below the current target of 4.1% of GDP set by the earlier Congress party-led government.
 
The rupee is seen moving in a 58.40 to 58.60 range until close.

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First Published: May 22 2014 | 3:40 PM IST

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