Rupee rises for third day in a row

Mumbai, May 28 (IANS) After hitting a record low of 56.40 against the dollar last week, Indian rupee strengthened for the third consecutive session Monday, helped by the Reserve Bank of India's intervention and improved cues from the global markets.

The partially convertible rupee rose to 55.18 against a dollar Monday as compared to the previous day's closing level of 55.37.

This is the third consecutive day of gain in the value of rupee. The Indian currency has strengthened by 2.2 percent in the last three trading sessions, the biggest gaining streak in almost three months.

The rupee has recovered in the last three sessions after hitting seven consecutive record lows in the previous seven trading sessions.