Rupee gains 19p to end at 2-week high

The rupee on Thursday appreciated 19 paise to end at 62.39 to the dollar, its highest in two weeks, on positive trends in local equities and fresh dollar selling by exporters.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 62.40 a dollar from the previous close of 62.57. It later touched a low of 62.55. The rupee, however, rebounded to settle at the day's high of 62.37, a rise of 20 paise or 0.32 per cent. This was its best closing since 61.93 on Janaury 23.

The local currency also witnessed its best gain today since the 59 paise jump on January 28. "The rupee maintained its status-quo of trading in a tight range against the US Dollar for the sixth consecutive session in a row," said Abhishek Goenka, Founder & CEO, India Forex Advisors.

The Indian benchmark S&P BSE Sensex today closed up by 49.71 points, or 0.25 per cent, while FIIs injected $12.86 million yesterday, as per Sebi data.

Bonds
The benchmark 10-year bond yield ended up 1 basis point at 8.72 percent, as optimism from the cancellation of a previously deferred auction and part completion of a scheduled debt switch was offset by caution ahead of key data next week.

The cash rate ended at 7.50/7.60 percent against its previous close of 8.40/8.50 percent.