The rupee edged up by a paise to Rs 62.24 against the American unit in late morning trade on mild selling of dollars by banks and exporters. A higher opening in the domestic equity market and lower dollar overseas edged up the rupee.
The RBI Governor Raghuram Rajan said yesterday that an "excessively strong rupee" is undesirable as it triggers disinflationary pressures. In the New York Market, the US dollar hit an 11-year high against the euro late yesterday after pushing through a key technical threshold, shrugging off a weaker-than-expected ADP jobs report and strong eurozone reports.
The euro had tumbled to USD 1.1073, its lowest level since late 2003. Oil prices climbed in Asian trade in early trade as signs that a refineries strike in the US is weakening overshadowed a rise in US crude stocks, analysts said. US benchmark West Texas Intermediate (WTI) added 29 cents to USD 51.82 a barrel and Brent gained six cents to USD 60.61 in late-morning trade. Meanwhile, the benchmark Sensex rose by 41.62 points or 0.14 per cent to 29,422.35 at 1050hrs.