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The rupee trimmed its early gains but was still higher by 23 paise to 63.07 against the dollar in late morning trade on Thursday, on selling of the American currency by banks and exporters amid recovery in equity market.
Persistent capital inflows from foreign funds into equity market also boosted the rupee value against the dollar, a forex dealer said.
The rupee resumed higher at 63.15 as against the last closing level of 63.30 at the Interbank Foreign Exchange market and firmed up further to 62.95 before quoting at 63.07 per dollar at 1045 hours.
It moved in a range of 62.95 and 63.20 per dollar during the morning deals.
In New York, the US dollar edged lower yesterday as investors looked ahead to the confirmation hearing for Janet Yellen, the nominee to lead the Federal Reserve at a time when it is likely to pull back from its stimulus.
Meanwhile, the benchmark BSE-30 share barometer Sensex rose by 352 points or 1.74% to 20,546.10 at 1050 hours.