RBI Governor D Subbarao will announce the Monetary Policy Statement for FY14 on May 3, 2013
The currency advances 0.4% to 53.97 a dollar
A weak dollar overseas and a further fall in prices of key commodities including crude oil also helped the rupee
Analysts believe the recent slump in global gold and crude prices, if sustained, should wipe out a big portion of India's current account deficit
The government said exports had hit $300.6 billion for the fiscal year ended Marc
Forex dealers said strength in euro against US dollar overseas, increased capital inflows supported the rupee
The currency declines 0.1% to 54.21 a dollar
Most Asian currencies are trading stronger compared with the dollar
Increased capital inflows, selling of dollar by exporters helps rupee
A sluggish dollar overseas also helped the rupee mark its best gain in 3 months today as Brent crude oil fell below $100 a barrel for the first time since July
The positive downside surprise on the March inflation front has helped cement rate cuts bets at the RBI's upcoming annual monetary policy
Experts see RBI intervening to arrest extreme fall
Traders say sentiment for the dollar also remains weak as the global commodities sell-off reduces demand for the greenback
Attaches 80% probability that the RBI will cut repo rate by 25 bps on May 3
Strengthening of euro and yen against the dollar; increased selling of the US currency by exporters helps rupee
But RBI's guidance expected to be hawkish due to high CAD, retail inflation
India's WPI rose a slower-than-expected 5.96% in March, the lowest rate in more than three years
Sustained dollar demand from banks and importers amid its higher value overseas affects rupee