Rupee gains as banks sell dollars

Traders expect support for the pair at 60.50 levels

The rupee is trading at 60.53/54 versus Tuesday's close of 60.68/69.

 

Most traders cited a Japanese bank's dollar-selling as the main reason for the Indian unit's gain. Other foreign banks also stepped in to sell the greenback following the Japanese bank, they added.

 

Dealers estimate flows have been more than $250 million so far.

 

Gains in domestic shares to record highs also aid sentiment for the rupee.

 

Traders expect good support for the USD/INR pair around 60.50 levels, followed by 60.38.