The rupee on Monday ended higher for the second consecutive day, moving up by another 3 paise to close at 62.16 against the dollar on continued selling of the US currency by banks and exporters.
The rupee resumed higher at 62.15 per dollar as against the last weekend's level of 62.19 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a high of 62.0750 per dollar on initial selling of dollars by banks and exporters. However, it washed out initial gains and ended at 62.16 per dollar, still showing a marginal gain of three paise or 0.05% from its last close.
The domestic currency has gained by 15 paise or 0.24% in the two days. The local currency hovered in a range of 62.0750 per dollar and 62.2300 per dollar during the day. The dollar was lower against the yen in thin and direction-less Asian trade today with investors having a relatively muted reaction to weaker-than-expected Japanese gross domestic product data. Adding to the mood was the closure of US markets for the Presidents Day national holiday.
In the New York market the ICE US Dollar Index finished lower for the third week in a row on last Friday as a mixture of weak US data and signs of growth in the eurozone threatened the buck's seven-month rally.