Rupee closes lower by 12 paise at 62.68 against dollar

Mumbai: The rupee on Friday closed lower by 12 paise or 0.20 per cent at 62.68 against the US dollar.

The rupee gained 17 paise to 62.39 against the dollar in early trade on Friday. Rupee on Wednesday closed at 62.56 to the dollar. Dollar is at one-week high against a basket of major currencies. The euro slips to 1.35 levels.

Ashok Gautam of Axis Bank said emerging market currencies have shown sharp weakness during the last few days. "The impact was seen on rupee also, which has weakened till 63.18 in the recent move," he added.

He expects a softening bias for the rupee with a range of 62.30-62.70/USD today. "Good corporate hedging seen near the daily upper Bollinger at 62.78 - 62.88/USD range. This band is to be carefully tracked for any convincing breach which might see rupee beyond 63 levels," he said.