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The rupee was trading up 29 paise at 62.20 in late afternoon trade at the Interbank Foreign Exchange after the American currency weakened overseas.
Banks are not passing the rate cuts to customers, food inflation can perk up, but rupee strength is a worry. What will RBI do next?
— lokeshwarri sk (@lokeshwarri) April 6, 2015
During the day, the rupee moved between 62.10 and 62.22.
Forex dealers said that besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies on disappointing jobs data supported the rupee.
Further, a firm trend in the domestic equity market influenced the rupee uptrend, they added.
The rupee had ended 18 paise higher at 62.49 against the American currency on Tuesday on selling of dollars by banks and exporters on expectation of resumption of foreign capital inflows into equity market.
Forex market last week remained closed on April 1, 2 and 3 for ‘Annual account closing’, ‘Mahavir Jayanti’ and ‘Good Friday’ respectively.
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