Rupee rises for 1st time in 3 days, up 11 p to 62.12 vs USD

The rupee today appreciated for the first time in three sessions to end 11 paise higher at 62.12 versus the dollar on selling of the American currency by banks and exporters, amid FII inflows fuelling a rebound in shares.
After falling about 39 paise in the previous two days, the rupee resumed higher at 62.19 per dollar as against the last closing level of 62.23 per dollar at the Interbank Foreign Exchange (Forex) Market.
It firmed up further to 62.05 per dollar, before settling at 62.12 -- a daily gain of 11 paise or 0.18 per cent.
Sustained foreign capital inflows coupled with recovery in the equity market mainly boosted the rupee value against the dollar, a forex dealer said.

As per bourses data, Foreign Institutional Investors (FIIs) pumped Rs 603.41 crore in equities today.
The BSE benchmark Sensex recovered 164.11 points, or 0.80 per cent, to close at 20,700.75. Yesterday, it fell by 186 points on fears of more US stimulus cuts and weak China data.

The rupee, however, depreciated 19 paise this week, snapping the trend of consecutive gains in the previous two.
"It has been an overall bearish week for the Indian rupee. The week was full of significant events and data releases. The FOMC minutes and US data were seen grabbing all the attention. Strong manufacturing data from the US was seen overshadowing the poor manufacturing numbers from China." said Abhishek Goenka, Founder & CEO, India Forex Advisors.

Technically, the USD-INR pair has taken a strong support at 61.80 levels, and is seen inching higher towards 62.30-62.50 levels, he added.