Rupee rises for 2nd session; gains 33 paise

Accoding to a forex dealer, strong recovery in the equity market boosted the rupee value

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The rupee today maintained its winning streak for the second straight day by gaining 33 paise to close at 63.15 against the American currency on persistent selling of dollars by banks and exporters.

Strong recovery in the equity market, which saw the benchmark Sensex rising by 219.39 points today, also boosted the rupee value against the dollar, a forex dealer said.

The rupee today resumed higher at 63.35 per dollar as against the last closing level of 63.48 and moved in a range of 63.45 and 63.11 before concluding the day at 63.15, disclosing a gain of 33 paise or 0.52%.

The domestic currency has gained by 41 paise or 0.65% in the last two days.

Meanwhile, crude oil prices eased in Asia today as dealers weighed China's fresh monetary stimulus against a supply glut in the US, analysts said.

US benchmark West Texas Intermediate for May delivery declined 21 cents to USD 56.17 while Brent crude for June fell 21 cents to USD 63.24 in late-morning trade

The dollar index was down by 0.53 pct against a basket of six major global currencies.

In New York, the dollar added to last week's losses yesterday, as traders looked ahead to monetary policy meetings in the US and Japan, as well as a preliminary look at first-quarter gross domestic product, expected in the second half of the week.