Rupee gains, trades around 60.40 as current account deficit narrows

Mumbai: The rupee gained on Thursday, backing off from a record low hit in the previous session, as the country's current account deficit narrowed in the January-March quarter, easing some concerns about the funding of the deficit.

The rupee rose to 60.45 to the dollar at 9:25 a.m., recovering from a record low of 60.76 hit on Wednesday. The currency closed at 60.7150/7250 in the previous session.

The current account deficit narrowed to $18.1 billion in January-March versus a $21.7 billion deficit in the same quarter year ago.