Hindu Business Line file photo

Mumbai, India (BBN) – The rupee pared its initial gains but was still trading a tad up at 64.35 due to dollar selling by banks and exporters.

Weakening of dollar against some other currencies overseas also supported the local unit. However, a weak domestic equity market restricted the rupee’s upmove, reports The Hindu business Line.

The domestic unit opened strong by 7 paise at 64.30 at the Interbank Foreign Exchange market today. It hovered in a range of 64.38 and 64.22 before quoting at 64.35, up 2 paise at 12.35 pm local time.

Yesterday, the rupee had rebounded by 9 paise to end at 64.37 against the US dollar in a highly volatile trade on fresh selling of the greenback and also emboldened by encouraging Q2 GDP numbers and monthly manufacturing data.

Meanwhile, the benchmark BSE Sensex was trading down by 118.64 points or 0.36 per cent at 32,751.08.