Mumbai, Feb 11 (PTI) : The rupee rebounded by 21 paise to close at 62.22 against the Greenback following fresh dollar selling by exporters and some banks on the back of weak dollar overseas, despite better local stocks and sustained capital outflows.
At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced higher by 62.37 a dollar from last close of 62.43.
It later moved in a narrow range of 62.19 and 62.44 before settling at 62.22, a net rise of 21 paise or 0.34 pct.
Yesterday, it had dropped by 15 paise or 0.24 pct.
The Indian benchmark S&P BSE Sensex today edged up by 29.10 points or 0.14 pct while FIIs continued their selling spree and pulled out USD 70.38 mln yesterday, as per Sebi data. They removed USD 377.39 mln this month so far.
The dollar index was down by 0.13 pct against a basket of six major global rivals, as global investors awaited Janet Yellen’s first testimony as new Federal Reserve chair later in the day.
Mr. Pramit Brahmbhatt, CEO, Alpari Financial Services, (India) said,”Today the Indian shares closed on a positive note also the better than expected trade data numbers helped Rupee to appreciate almost over quarter percent. Now investors are focusing on the testimony by Janet Yellen to the U.S. Congress later in the day which will affect the emerging markets position on the global platform. The trading range for the spot rupee is expected to be within 61.80 to 63.20.”