The rupee spurted to a high of 63.75 in the morning session before trading at 63.95 against the US dollar, up by 9 paise, on sustained bouts of dollar selling by banks and exporters amid high local equities. The rupee opened lower at 64.0750 as against Tuesday’s closing level of 64.04 at the inter-bank foreign exchange here on trade deficit concerns, reports PTI.
Later, it bounced back smartly on subdued dollar overseas to trade 63.75 before quoting at 63.95 per dollar at 1030 hrs. The domestic unit hovered between 63.75 and 64.08 during morning deals. “Weakened dollar overseas and recovery in local equities supported the rupee sentiment,” a dealer said.
The US dollar fell to a three-year low against its peers in early Asian trade, losing its earlier bounce as the euro edged back. The 30-share BSE Sensex was trading higher by 123.12 points or 0.35 per cent at 34,894.17 at 1050 hrs.