Indian rupee opens at 62.49 per dollar

The Indian rupee opened with a marginal gain of 11 paise at 62.49 per dollar versus 62.60 yesterday. Tirthankar Patnaik, Religare said, "We expect overall CAD for the fiscal at a much lower USD 55 billion or 3.2 percent of GDP, thanks to a narrowing trade deficit. Concerns on the capital account have also faded after the RBI's recent steps. 

However, with lower growth and the Fed's 'taper' still remaining key risks for India, we maintain our 58-62/USD band for the rupee for now." Meanwhile, current account deficit (CAD) widens to USD 21.8 billion in the first quarter of the fiscal. Imports surge at a 4.7 percent pace during the quarter, while exports decline by 1.5 percent.

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