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Rupee Starts Positively, Gains 29 Paise To 80.52 Per Dollar
Rupee Today: Rupee extends gains against a battered dollar The rupee started the week on a positive note, extending its gains from last week against a bruised dollar, maintaining the momentum created by softer-than-expected US inflation data last week. "Asian currencies have also gained quite a bit allowing the rupee to be on the upside. However, higher oil and a high trade deficit should restrict the gains to around 80 levels unless we see a fall in the dollar index towards 100," he added. PTI reported that the rupee rose 25 paise to 80.53 against the US dollar in early trade. The dollar index fell 3.6 per cent over two sessions last week, its worst two-day percentage fall since March 2009, as a result of somewhat cooler-than-expected inflation data on Thursday. "I think the market got a little bit ahead of itself," Carol Kong, a Currency Strategist at Commonwealth Bank of Australia, told Reuters, adding that Fed officials will probably give the market a reality check, aiding the dollar in recovering some of its most recent losses. Source - NDTV #rupee #dollar
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