Rupee ends 14 paise up at 64.12 against USD on fresh dollar selling

Recovering from a 21-month low, the rupee strengthened 14 paise to 64.12 against the US dollar at the closing trade on Wednesday at the Interbank Foreign Exchange on weakness of the American currency in overseas markers.

Snapping its 4-day losing streak, the rupee on Wednesday closed 14 paise higher at 64.12 against the US dollar on fresh selling of the greenback by exporters amid weakness of the American currency in overseas markets. Besides, persistent rise in the equity market boosted the rupee value against the dollar.

The rupee resumed higher at 64.18 as against Tuesday's closing level of 64.26 at the Interbank Foreign Exchange (Forex) and firmed up further to 64.09 before ending at 64.12, a gain of 14 paise or 0.22%.

It had dropped by 42 paise, or 0.66%, in previous four trading sessions. The local currency moved in a range of 64.09 and 64.19 through Wednesday.

The dollar index was trading lower by 0.02% against its major global rivals in late afternoon trade.

However, in New York market, the dollar ended higher against the euro on Tuesday as an unnerving breakdown in talks between Greece and its creditors caused investors to reassess the odds the highly indebted country might default on its debt.

Meanwhile, the benchmark S&P BSE Sensex ended higher by 146.15 points, or 0.55%, following good progress in monsoon amid better Asian cues on firm closing at Wall Street on Tuesday.