Rupee rises on foreign fund inflows

The rupee is trading higher at 53.32-53.33 from its previous close of 53.47-53.48, on foreign fund-related inflows.

India has received large inflows after it decided to push ahead with reforms, with over USD 2 billion having come into equities in September alone. Earlier, pair rose to a session high of 53.63, mainly driven by outflows of around USD 940 million, which dealers said was likely on account of Cairn Energy's stake sale in Cairn India . Resistance for USD/INR seen at 53.66, the low hit on September 17 at around the start of the drop in the pair.