Indian rupee snaps 3-day losing streak, ends higher at 62.44

The Indian rupee snapped its last three-day losing streak on Wednesday, rising 31 paise to end at 62.44 against the US dollar, on fresh dollar selling by exporters and some banks.

In the previous three trading sessions, the rupee had tumbled by 98 paise or 1.59 per cent.

The domestic currency resumed slightly lower at 62.76 per dollar against the last closing level of 62.75 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 62.88 per dollar on sustained dollar demand from importers. However, it recovered afterwards to 62.31 per dollar on selling of dollars by banks before ending at 62.44 per dollar.

In London, the euro rose against most major currencies on Wednesday as solid German consumer-confidence data offset worries about the European Central Bank's monetary policy.

In New York, the US dollar gained on Tuesday as investors examined economic data and speeches from Federal Reserve officials for insight into when the central bank could begin to slow its monthly asset purchases.

Meanwhile, crude oil prices rose in Asia as investors expect a US stockpiles report to show a fall, indicating firm demand in the world's top crude consumer.

The BSE Sensex, however, ended lower by 64 points, or 0.32 per cent, at 19,856.24.

With inputs from PTI