Good foreign capital inflows also helped the rupee maintain its gains at closing, forex traders said. The rise comes ahead of the Union Budget on Saturday that is expected to be a platform for more reform initiatives and growth measures.
The rupee resumed higher at 62.06 per dollar as against the Tuesday's closing level of 62.20 per dollar at the Interbank Foreign Exchange (Forex) Market.
It further firmed up to 61.95 on sustained selling of dollars before ending at 61.97 per dollar, showing a gain of 23 paise or 0.37 percent. The local currency has mow gained by 34 paise or 0.55 percent in two sessions.
The closing value of the rupee is near three week highs. It had ended at 61.69 per dollar on February 6, 2015. Pramit Brahmbhatt, Veracity Group, CEO said, "The optimismover the upcoming Budget influenced trading sentiments and helped indices to trade strong during the day which supported the upward movement of the rupee. The trading range for the spot USD/INR pair is expected to be within 61.60 to 62.40."

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