Rupee gains in lacklustre trade

The rupee gained in a lacklustre trading session on Monday, aided by hefty gains in domestic shares and the dollar's broad losses against major currencies.

Trading was muted as UK and US markets were closed for a public holiday. January-March quarter economic growth data due on Friday will be the key trigger for the week, with investors eyeing whether the economy gained any traction after the government's reform measures and the rate cuts by RBI. Concern over the wide current account deficit has been a key factor pressuring the rupee this year, even as foreign investors have pumped in nearly $20 billion into debt and equities so far in 2013.

The partially convertible rupee closed at 55.5675/5775 per dollar compared to 55.63/64 on Friday.

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