Rupee gains 20 paise to end at two-week high

The rupee on Thursday appreciated 20 paise to end at 62.37, its highest in two weeks, on positive trends in local equities and fresh dollar selling by exporters.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 62.40 a dollar from previous close of 62.57. It later touched a low of 62.55.

The rupee, however, rebounded to settle at the day's high of 62.37, a rise of 20 paise or 0.32 per cent. This was its best closing since 61.93 on Janaury 23.

The local currency also witnessed its best gain today since the 59 paise jump on January 28.

"The Indian Rupee maintained its status-quo of trading in a tight range against the US Dollar for the sixth consecutive session in a row," said Abhishek Goenka, Founder&CEO, India Forex Advisors.

The Indian benchmark S&P BSE Sensex on Thursday closed up by 49.71 points, or 0.25 per cent, while FIIs injected $12.86 million yesterday, as per Sebi data.

The dollar index, a indicator of six major global rivals, was up by a mere 0.03 per cent as the US currency was showing some weakness ahead of US jobs data.

Pramit Brahmbhatt, CEO, Alpari Financial Services, (India) said: "Taking cues from stocks, the rupee appreciated over a quarter per cent. Now traders are waiting for the US

non-farm payrolls report as well as India's advance economic growth estimates for 2013/14 scheduled tomorrow."

Meanwhile, forward dollar premiums declined on fresh receipts by exporters.

The benchmark six-month forward dollar premium payable in July declined to 242-244 paise from 246-248 paise previously.

Far forward contracts maturing in January fell back to 484-1/2-486-1/2 paise from 490-491.5 paise.

The RBI fixed the reference rate for the dollar at 62.5045 and for the euro at 84.4994.

The rupee continued to rule firm to end at 101.54 against the pound from last close of 101.80 while recovered to 84.36 per euro from 84.54. It also recouped to 61.45 per 100

Japanese yen from 61.81.