Rupee extends gains for 2nd session, up 12 paise

Expectation of foreign capital inflows following strong recovery in the equity market boosted the rupee value

Continuing its rising streak for the second straight session, the rupee today moved up by another 12 paise to close at 63.52 per dollar on sustained selling of the American currency by banks and exporters.

Expectation of foreign capital inflows following strong recovery in the equity market also boosted the rupee value.

At the Interbank Foreign Exchange market, the domestic unit commenced strong at 63.58 a dollar from previous close of 63.64, but later met with strong resistance and fell back to a low of 63.63 before concluding at 63.52, showing a gain of 12 paise or 0.19 per cent.

It has gained by 30 paise, or 0.47 per cent, in the past two days.

The domestic currency hovered in a range of 63.52 and 63.63 per dollar during the day.

In the global market, the dollar stayed low against the yen today after Bank of Japan Governor Haruhiko Kuroda offered a slightly more upbeat outlook on the country's economy.

The Indian benchmark S&P BSE Sensex today bounced back by 148.15 points or 0.53 pct to close at 27,957.50.

Foreign Portfolio Investors (FPIs) withdrew Rs 186.26 crore yesterday, as per provisional data.

The dollar index, a gauge of six other major global rivals, was down by 0.36 pct in Asian trade today.

Pramit Brahmbhatt, Veracity Group CEO, said, "The rupee traded strong and appreciated by over 12 paise during the day to close at 63.52. The rupee started the day on a positive note with the help of higher opening in the domestic equity market."

The trading range for the Spot USD/INR pair is expected to be within 63.20 to 63.80.