Rupee strengthens further against dollar, up 37 paise

The rupee on Wednesday strengthened further by 37 paise to 62.14 against the American currency in the late morning trade on persistent selling of dollars by banks and exporters.

The rupee on Wednesday strengthened further by 37 paise to 62.14 against the American currency in the late morning trade on persistent selling of dollars by banks and exporters.

This was on hopes of resumption of foreign capital inflows in view of firm equity market amid lower dollar overseas.

The rupee resumed higher at 62.28 per dollar as against the last closing level of 62.51 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a high of 62.11 before quoting at 62.14 per dollar at 1045 hrs.

It moved in a range of 62.11-62.30 per dollar during the morning trade.

Bank and exporters preferred to reduce their dollar position following recovery in the equity market, a forex dealer said.

The Indian benchmark sensex rose by 96.31 points or 0.47% in the late morning trade.

In New York, the US dollar pared its gains against the yen yesterday after a round of tepid economic data, which included a surprise decline in orders for big-ticket items.