Rupee gains 2 paise against dollar

The rupee on Wednesday ended marginally higher by two paise at 49.91/92 against the US currency on mild dollar selling by banks and exporters amid sustained foreign capital inflows. Dealers said persistent selling of dollars by banks and exporters after continued foreign capital inflows into equity market ahead of of Reserve Bank of India’s policy meeting on on Thursday and Union Budget on Friday boosted the rupee against the dollar. However, dollar demand from oil importers capped the rupee gains, they said. The local unit hovered in a range of 49.83 and 50.02 at the Interbank Foreign Exchange (Forex) market before settling at 49.91/92, or 2 paise higher.