With the value of rupee rising against the US dollar, the value has increased to the 53 levels while the dollar was continually being sold by the exporters and other banks who were intimidated by the gain of the rupee's value.
Today morning, Indian currency was trading at 53.16 against the dollar which was a gain of 0.53% or 28 paise compared to Friday evening. On Friday the local unit had received a massive boost taking it over the best value in 4 months at 53.45. The high value was a result of $430 million capital influx, thanks to the lowered government taxes on overseas loans taken by the local companies. This also seemed to temporarily put a check on the political woes.
Dealers opined that the higher opening of the equity markets have also pushed the rupee value higher. The situation could have been better if the Yen and Euro values against dollar also go better, the added.