Rupee rises on bunched-up dollar inflows after bank strike

Tags: Rupee, News
The rupee rises to 62.08/09 versus its close of 62.22/23 on Tuesday on bunched-up

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dollar inflows. Gains in global risk assets hurt the dollar.

State-run banks were on a two-day strike starting 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 is trading in the green, 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.

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