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The rupee was trading strong by 21 paise at 62.57 against the dollar on sustained dollar selling by banks and exporters and on the back of firm domestic equity market.
The rupee strengthened by 11 paise to 62.67 against the dollar in early trade at the Interbank Foreign Exchange market.
It further strengthened to 62.49 in the afternoon trade before being quoted at 62.57 at 4.15 pm local time.
The domestic unit hovered in the range of 62.49 and 62.80 in the afternoon deals.
Forex dealers said besides selling of the American currency by exporters and banks, heavy capital inflows into the domestic stock market supported the rupee, but the dollar’s strength against other currencies overseas, limited the gains.
The rupee had eased by two paise to close at a fresh two-month low of 62.78 against the greenback in yesterday’s trade on sustained demand for the US dollar from importers.
Meanwhile, the benchmark BSE Sensex ended higher by 271.24 points or 0.95 per cent at 28,930.41.
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