Rupee ends flat against dollar at 62.24

In restricted trading, the rupee ended steady at 62.24 against dollar due to uneven demand and supply transactions of the American currency from banks.

The rupee resumed higher at 62.18 per dollar compared with the last closing level of 62.24 at the Interbank Foreign Exchange (Forex) market and firmed up further to 62.15 on initial selling of dollars by banks after rating agency Moody's upgraded India's outlook from 'stable' to 'positive'.

However, it failed to maintain initial gains and fell to 62.29 before ending at overnight closing level of 62.24 on fag-end dollar demand from banks and importers on the back of higher American currency demand in the overseas market.

The domestic currency hovered in a range of 62.15 and 62.29 per dollar during the day.

The dollar index, a gauge of six major global rivals, was up by 0.07 per cent today.

In New York, the US dollar rose against its rivals yesterday after Federal Reserve’s March meeting revealed several policy makers favoured raising interest rates in June.

Crude oil took back some lost ground at the Asian trade following a steep plunge overnight triggered by a rise in the US stocks and reports of record Saudi oil production.

Meanwhile, the Indian benchmark 30-share index Sensex rose by 177.46 points or 0.62 per cent to 28,885.21.

In the forward market, premia declined further on sustained receiving by exporters.

The benchmark six-month premium payable in September moved down to 230-230.5 paise from 233-235 paise yesterday and forward contracts maturing in March 2016 also eased further to 456-457 paise from 456-458 previously.

The Reserve Bank of India fixed the reference rate for dollar at 62.2560 and for the euro at 66.9937.

The rupee recovered against the pound sterling to 92.35 from 92.93 yesterday and advanced further against the euro to 67.01 from 67.54. It firmed up against the Japanese Yen to 51.88 per 100 yens from 51.94.