Rupee opens stronger at 40.60/62 per US dollar

Mumbai, July 2: Drawing support from Foreign Institutional Investors (FIIs), rupee today opened stronger at 40.60/62 per US dollar, gaining nearly 10 paise, as compared to the previous close of 40.70/71.

During the forenoon session, the local unit touched an intra-day low of 40.67/68 and is currently trading around these margins, said dealers.

The domestic unit is expected to go higher this week unless Reserve Bank steps in and takes some corrective measures, according to market observers.

On Firday, rupee had traded almost steady in the range of 40.74-77 per USD until market witnessed strong supply in the late day trade.

UNI