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The rupee wiped off its early losses and was trading strong at 67.84 as the dollar remained weak against other currencies overseas.
The dollar languished close to a 3-1/2-month low against a basket of major currencies on Wednesday, as traders waited for US interest rate guidance from Federal Reserve Chair Janet Yellen.
Against a basket of currencies, the dollar was flat at 96.056 , having touched 95.663 on Tuesday, its weakest since October.
The rupee opened weak by 6 paise at 67.96 against the US dollar due to increased demand for the American unit from importers and banks amid a lower opening in the domestic equity market.
It further slipped to 67.98 before being quoted at 67.84, up 6 paise at 4.40 pm local time.
The domestic unit hovered in a range of 67.98 and 67.81 in the evening trade.
According to forex dealers, sustained capital outflows also weighed on the domestic unit but the dollar’s weakness against some currencies overseas limited the rupee’s fall.
Yesterday, the rupee snapped its two-day losing streak against the US currency by recovering 4 paise to 67.90 on fresh selling of dollar by banks and exporters despite sustained fall in equities.
Meanwhile, the benchmark BSE Sensex ended down by 262.08 points or 1.09 per cent at 23,758.90.
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