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The rupee continued to rule firm against the US currency for the second consecutive day by gaining 6 paise to close at 62.30 on persistent selling of dollars by banks and exporters.
Sustained foreign capital inflows into the equity market also boosted the domestic currency’s value against the dollar, a forex dealer said.
The rupee opened today at 62.36 at the Interbank Foreign Exchange (Forex) market and hovered in a range of 62.28 and 62.40 before concluding at 62.30, showing a gain of six paise.
The domestic currency has gained by 21 paise, or 0.34 per cent, in the last two days.
In the New York market, the dollar tumbled against its rivals yesterday after a spate of weak data suggested that the US economy has yet to move past the slowdown in growth seen in the first quarter.
The dollar index, a gauge of six major global rivals, was up by 0.46 per cent today.
Pramit Brahmbhatt, Veracity group CEO, said, “The rupee traded range bound to slightly strong against the dollar and appreciated by almost 6 paise to close at 62.30, taking cues from the weak dollar index which is heading towards to post its third daily fall in a row and also the continuous dollar selling by exporters helped the rupee to trade strong.”
The weak local equities which closed in red, capped the rupee gain. The trading range for the Spot USD/INR pair is expected to be within 61.80 to 62.80.
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