Mumbai, India (BBN)-The rupee wiped off its losses and was trading strong at 64.01 owing to fresh capital inflows after WPI inflation for May dropped to 2.36 per cent, the seventh straight month of decline.
Also, dollar selling by banks and exporters buoyed the rupee sentiment.
The rupee opened weak by 10 paise at 64.16 against the previous close of 64.06, extending its weakness for the third straight day. It further fell to 64.17, before being quoted at 64.01 at 2.10 pm local time.
The local currency hovered in the range of 63.99 and 64.17 at the Interbank Foreign Exchange market in the afternoon trade.
The rupee had depreciated 9 paise to close at 64.06 against the US currency in the previous session on Friday.
Meanwhile, the benchmark BSE Sensex was trading higher by 225.79 points or 0.85 per cent at 26,651.09.
BBN/SK/AD