Markets

Indian rupee strengthens to below 58/dollar mark

Published June 12, 2013 Updated June 12, 2013 08:19am

1 min

By Shoaib Ur Rehman

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MUMBAI: The Indian rupee extended gains to below 58 to the dollar on Wednesday tracking higher Asian currencies and supported by comments from government officials that the country is considering taking steps to bolster the currency.

The Indian central bank intervened in the foreign exchange markets on Tuesday to halt the rupee's slide, the deputy chairman of the country's Planning Commission Montek Singh Ahluwalia told TV channel CNBC-TV18 on Wednesday.

At 12:54 p.m., the partially convertible rupee was trading at 58.03/04 per dollar compared to 58.39/40 on Tuesday. The rupee gained to as much as 57.99 during the session.

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