Mumbai: Bucking the weak trend in Indian shares, the rupee on Friday closed with a gain of 12 paise against the American currency at 62.22 on selling of dollars by banks and exporters. Forex traders said participants bet against the dollar ahead of talks between Greece and Eurozone on bailout terms.
The rupee resumed higher at 62.22 per dollar as against last closing level of 62.34 per dollar at the Interbank Foreign Exchange (Forex) Market. It gained further ground on sustained dollar selling by exporters to 62.20 per dollar before finishing at the opening level of 62.22, showing a gain of 12 paise or 0.19 per cent.
The rupee hovered in a narrow range of 62.20 and 62.28 per dollar during the day. The Indian equity benchmark Sensex on Friday fell for the first time in eight days, dropping 230.86 points to close at 29,231.41 on selling in bluechips and caution ahead of the Union Budget.
Veracity Group, CEO, Pramit Brahmbhatt said: "Rupee ended up as exporters and banks were seen selling dollar but the greenback's strength against other currencies capped gains." The trading range for the spot USD/INR pair is expected to be within 61.90 to 62.80, he added. The dollar index was up by 0.19 per cent against a basket of its major global rivals.
The dollar was almost unchanged against the yen and the euro in quiet Asia trade on Friday, with market participants taking a wait-and-see stance ahead of crucial events such as the Eurozone Finance Ministers' meeting on the Greek bailout. In the New York market, the US dollar held firm against the basket currencies in early trade after upbeat US jobless claims data.
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