Rupee rises to 62.06 on dollar inflows as bank strike ends

The rupee rose to 62.06 versus its yesterday's close of 62.22/23 on bunched-up dollar inflows after the two-day bank strike.

Gains in global risk assets also hurt the dollar.

State-run banks were on a two-day strike starting on Monday, leading to more dollar flows hitting the market on Wednesday.

Traders however see strong support around 62.05 levels holding the USD/INR pair in a 62.05 to 62.40 range during the day.

The BSE Sensex was trading in the green, up nearly 0.6 per cent, tracking gains in Asian counterparts as upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors' appetite for risk.

At 10.26 am, the rupee had given up some early gains and was trading at 62.16 to a dollar.

Copyright: Thomson Reuters 2014