Reuters Market Eye - The rupee is trading higher at 62.14/15 versus its close of 62.51/52 on Tuesday as losses in the dollar against other Asian currencies hurt the pair.
Some traders also cite inflows related to the share sale of State Bank of India to qualified institutional investors launched on Tuesday to raise a total of up to $1.5 billion.
Dealers say the pair is likely to hold in a 62.05 to 62.35 range during the rest of the session and a breach of 62.05 levels can take the pair all the way to 61.80.
The RBI's surprise rate hike on Tuesday also supporting the rupee as it is making the currency high-yielding while also raising the cost of holding dollars for investors.
(Reporting by Swati Bhat)
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