Mumbai, India (BBN)-The rupee was trading strong by 17 paise at 63.84 in the afternoon session on heavy selling of dollar by exporters despite the greenback's strength against other currencies overseas.
Breaking its three-day falling spree, the rupee recovered 8 paise to 63.93 against the US dollar in early trade at the Interbank Foreign Exchange market, reports the Press Trust of India.
Further it strengthened to 63.79, before being quoted at 63.84 at 1.55 pm local time. The domestic unit hovered in the range of 63.79 and 63.98 in the afternoon trade.
According to forex dealers, month-end demand for the greenback from importers and the dollar’s strength against other currencies overseas restricted the gains.
Yesterday, the rupee had lost three paise against the dollar to end at a two-week low of 64.01 on dollar demand from importers coupled with a stronger greenback overseas.
Meanwhile, the benchmark BSE Sensex plunged 164.67 points or 0.6 per cent at 27,399.69 ahead of May month F&O expiry.