Rupee gains 69 paise, opens at 62.80 vs US dollar

Mumbai: The Indian rupee opened with a gap up of 69 paise at 62.80 per dollar versus 63.49 Friday.

The dollar slides to 81 levels to hit a four week low after Lawrence Summer's exit from the race for Fed president. The euro retreats a tad after jumping to 1.33 vs US dollar and the yen trades at 99.3 vs US dollar.

Agam Gupta, Standard Chartered said, "Rupee will probably open between 63 and 63.20. The dollar has weakened against major EM currencies and hence we expect dollar weakness against rupee too. Expect exporters to sell on upticks. The range for the day is seen between 62.50-63.25 per US dollar."