Rupee gains on better than expected CAD numbers

Currency recorded close to 5% gain in Sept

The rupee gained against the dollar as narrower current account deficit numbers for the April-June quarter helped boost sentiments.

While CAD widened for the first quarter as compared to the previous one but the deficit is likely to come down in the subsequent quarters as gold imports restrictions imposed by the government will start yielding results.

At 10.20am, the rupee was trading at 62.33/dollar against the previous close of 62.62/dollar.

September was the first month since April when the currency recorded monthly gain on the back of steps taken by the central bank to boost inflows.

The rupee gained close to 5% in September which is the highest monthly gain in about an year.