The Hindu file photo
Mumbai, India (BBN) - India rupee wiped off initial losses and rebounded by 16 paisa to 64.28 against the American currency in late morning trade on fresh bouts of dollar selling by banks and exporters amid bearish US dollar overseas.
The rupee opened a tad weak at 64.43 against last Thursday’s closing level of 64.41 per dollar at the Interbank Foreign Exchange (Forex) Market here today, reports PTI.
The domestic currency hovered in a range of 64.44 and 64.28 during morning deals before quoting at 64.34 per dollar, up 7 paisa at 11:05am local time.
Meanwhile, the dollar index was trading down by 0.16 per cent at 100.39 against a basket of six currencies.
Overseas, the dollar dipped to a five-month low against the yen as rising tensions over North Korea kept the safe-haven Japanese currency in demand.
The US currency extended losses from the previous day and retreated to 108.135 yen, its lowest since mid-November.
Meanwhile, the benchmark Sensex was trading up by 16.77 points or 0.06 per cent at 29.478.22.
BBN/SS/ANS