Rupee ends at 53.80 vs USD

Mumbai, April 30: The rupee gained 45 paise to end at nearly a three-month high of 53.80 against the American currency, on persistent selling of dollars by banks and exporters on the back of sustained capital inflows from foreign funds.

Extending gains for the second consecutive day, the domestic currency ended at 53.80 per dollar, showing a gain of 45 paise, or 0.82 percent.

The rupee had last ended at 53.50 on 8th February, 2013. The rupee resumed higher at 54.12 per dollar as against the last closing level of 54.25 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 53.79 per dollar and 54.25 per dollar before ending at 53.80 a dollar.

Foreign institutional investors (FIIs) bought shares worth a net Rs 620.38 crore yesterday as per provisional data from the stock exchanges.

The RBI is likely to cut interest rates for the third time this year by 0.25 percent as fall in inflation is expected to lift the economy from its lowest growth in a decade.

However, in London, the euro fell in their early trade after weak economic data gave further weight to expectations of an interest rate cut by the European Central Bank later this week.