Rupee hits new seven-week high

Most Asian currencies are trading stronger compared with the dollar

 

The rupee hits a new seven week high at 53.77, and currently trading at 53.80/81 versus its previous close of 54.15/16 as gains in the domestic sharemarket and a broad risk-rally in regional markets help.

 

Traders expect the next key support for the pair to be met around 53.70 levels.

 

Domestic shares trading up 0.5%.

 

Most Asian currencies trading stronger compared with the dollar. 

 

Traders say fall in inflation and the recent sell-off in global commodity prices is seen supporting the rupee as it would increase the room to cut rates by the Reserve Bank of India at its policy on May 3.