Rupee gains 12 paise, closes at 62.22/$

Mumbai: Bucking the weak trend in Indian shares, the rupee today closed with a gain of 12 paise against the American currency at 62.22 on selling of dollars by banks and exporters. [caption id=“attachment_2103789” align=“alignleft” width=“380”]  Representational image. Reuters[/caption]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 percent. The rupee hovered in a narrow range of 62.20 and 62.28 per dollar during the day. The Indian equity benchmark Sensex today 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 percent against a basket of its major global rivals. The dollar was almost unchanged against the yen and the euro in quiet Asia trade today, 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. The forward premia edged up by mild buying pressure from corporates. The benchmark six-month premium payable in July inched up to 205-207 paise from 204-206 paise on Wednesday. Forward contracts maturing in January 2016 ruled steady at 416-418 paise. The Reserve Bank of India fixed the reference rate for dollar at 62.2550 and for Euro at 70.7217. The rupee recovered against the pound to 95.48 per pound from 96.15 previously and firmed up further against the euro to 70.41 paise from 70.81 per euro. However, the rupee fell to 52.40 per 100 yen compared to 52.29 previously. PTI