The rupee rose to 62.06 better than last nights close of 62.22/23 on delayed dollar inflows after the two-day bank strike.Gains in global stocks hit the dollar too.
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.Earlier in the morning the rupee had given up some early gains and was trading at 62.16 to a dollar.We could see the dollar going back into the 61 rupee territory very soon.
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.Earlier in the morning the rupee had given up some early gains and was trading at 62.16 to a dollar.We could see the dollar going back into the 61 rupee territory very soon.