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Rupee holds on to gains, flirts with 53 levels against dollar

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The rupee continued its gaining streak against the US dollar on Monday, inching closer to 53 levels, on persistent dollar selling by exporters and some banks, fearing further rise in rupee's value.

At 9:25 a.m., the Indian currency was trading at 53.16 to the dollar, up 0.53 per cent, or 28 paise, from Friday’s close. It jumped 93 paise on Friday to close at over a four-month high of 53.45 on capital inflows of $430 million, after the government lowered a tax on overseas borrowings by local companies and easing of political worries.

Dealers said a higher opening in the equity market also supported the rupee. However, weak euro and yen against the dollar restricted the local unit's gains, they added.

With inputs from PTI


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