The Indian rupee gained 20 paise against the dollar in noon trades on a surge in equities as Cyprus secured a deal with international lenders.

The rupee was last trading at 54.10 to the US dollar. The rupee is expected to remain range bound despite today's gains. In fact, the currency has been steady over the last two weeks, even as foreign fund flows into India's equity markets seem to have dried up.

The dollar had also strengthened against the Euro last week, following the crisis in Greece. Meanwhile, India's equity markets were trading higher with the Sensex gaining 111 points in trade.

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