The rupee continued to rule firm against the American currency for the second consecutive day by surging 6 paise to close at 62.30 on persistent selling of dollars by banks and exporters.
A sustained foreign capital inflows into the equity market also boosted the domestic currency's value against the dollar, a forex dealer said.
The rupee opened today at 62.36 at the Interbank Foreign Exchange (Forex) market and hovered in a range of 62.28 and 62.40 per dollar before concluding at 62.30, showing a gain of six paise, or 0.10%.
The domestic currency has gained by 21 paise, or 0.34%, in the last two days.
In the New York market, the dollar tumbled against its rivals yesterday after a spate of weak data suggested that the US economy has yet to move past the slowdown in growth seen in the first quarter.
The dollar index, a gauge of six major global rivals, was up by 0.46% today.
Pramit Brahmbhatt, Veracity group CEO, said, "The rupee traded range bound to slightly strong against the dollar and appreciated by almost 6 paise to close at 62.30, taking cues from the weak dollar index which is heading towards to post its third daily fall in a row and also the continuous dollar selling by exporters helped the rupee to trade strong."
{{/usCountry}}Pramit Brahmbhatt, Veracity group CEO, said, "The rupee traded range bound to slightly strong against the dollar and appreciated by almost 6 paise to close at 62.30, taking cues from the weak dollar index which is heading towards to post its third daily fall in a row and also the continuous dollar selling by exporters helped the rupee to trade strong."
{{/usCountry}}Though the weak local equities which closed in red, capped the rupee gain. The trading range for the Spot USD/INR pair is expected to be within 61.80 to 62.80.
Meanwhile, the benchmark 30-share Sensex dropped by 133.65 points, or 0.46%.