Mumbai, India (BBN)-The rupee wiped off its initial losses and was trading strong by 6 paise at 63.50 against the greenback in the evening trade on fresh dollar selling by exporters amid weak equities.
Earlier, the rupee opened weak at 63.70 against the last closing level of 63.56 at the Interbank Foreign Exchange market and dropped further to a four-month low of 63.77 before quoting at 63.50 at 4.15 pm local time, reports PTI.
The rupee hovered in a range of 63.77 and 63.49 during the evening trade.
Sustained capital outflows weighed down on the rupee sentiment, a dealer said.
In New York, the dollar started the week on the defensive in early trade after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon, while concerns about Greece’s ongoing debt talks pressured the euro.
Meanwhile, the BSE Sensex plunged 260.95 points or 0.95 per cent at 27,176.99 at the closing session.