Rupee recovers post gas price hike, soars above 60/$

Indian rupee recovered further quite sharply Friday after the Cabinet Committee on Economic Affairs (CCEA) decided to hike gas price to higher-than-expected at USD 8.4 mmBtu from USD 4.2 mmBtu.

The rupee appreciated by 28 paise to 59.91 per dollar in early trade, after opening at 60.02 as against previous day's closing of 60.18 per dollar.

The currency gained for the second consecutive session today to go above 60 mark from its record closing low of 60.71 per dollar. It had touched its all-time low of 60.76 on Wednesday.

Pramit Brahmbhatt of Alpari feels the rupee is likely to consolidate its position further today with support from a positive stock market, lower then expected current account deficit (CAD) and on comments by Fed officials that there is still time before QE (Quantitative Easing) can be phased out.

"However, a strong dollar could act as a deterrent. The range for the day is seen between 59.86-60.85/USD," he adds.

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