Rupee at 64.17, erases sharp early gains

The unit hovered between 64.19 and 64.02 per dollar at the interbank foreign exchange.

The rupee pared its early sharp gains but was still quoting higher by 7 paise to 64.17 against the US currency in late afternoon deals on sustained bouts of dollar selling from banks and exporters amid higher local equities.

Dealers said the dollar’s weakness against other currencies overseas and early gains in domestic equity markets supported the rupee. (Reuters)

The rupee opened sharply higher at 64.12 per dollar as against yesterday’s closing level of 64.24 at the inter-bank foreign exchange in Mumbai.

It gained further to 64.02 on sustained dollar selling by banks lifted by stablity in local equities after recent heavy losses.

The unit hovered between 64.19 and 64.02 per dollar during morning deals. It was trading at 64.17 at 4:00 pm.

The US dollar steadied against a basket of currencies in early Asian trade as calm returned to global financial markets with investors partially reversing their rush to safe haven assets and moving back to stocks.

At close, BSE Sensex was down 0.33%, or 113.23 bps lower at 34,082.71., while the broader NSE Nifty 50 was at 10,476.70, 0.21% or 21.55 points lower.