Rupee strong in afternoon trades as Chidambaram says CAD will be contained

At 1:20 pm rupee was trading at Rs 61.90 compared with Friday's close of Rs 61.93 per dollar

The rupee was trading marginally strong in afternoon trades after Finance Minister P Chidambaram said in the interim budget that current account deficit (CAD) will be contained at $45 billion this financial year, well below the record high level of 2012-13.

At 1:20 pm the rupee was trading at Rs 61.90 compared with Friday's close of Rs 61.93 per dollar.

But currency dealers believe the appreciation may not be much because these is dollar demand from oil marketing companies (OMCs) in the market.