The Hindu file photo
Mumbai, India (BBN) - The rupee wiped off its initial losses and strengthened to 64.35 in late morning deals on bouts of dollar selling from banks and exporters amid a weak dollar overseas.
The domestic unit opened weak at 64.55 against the previous closing level of 64.50 per dollar at the interbank forex market today. It slid further to 64.60 as domestic equities remain weak, reports The Hindu Business Line.
The domestic currency reversed the trend in late morning trade and hit a high of 64.35 before trading at 64.40, up by 10 paise at 11.20 am local time. The domestic unit hovered between 64.60 and 64.35 against the greenback.
Globally, the US dollar was lower against major rivals in early Asian trade, with the near-term focus on a possible Senate vote on a US tax plan later in the week.
Meanwhile, the benchmark BSE Sensex was trading down by 60.41 points or 0.18 per cent at 33,664.03.
BBN/MMI/ANS