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Reversing its nine-day losing trend, the rupee was trading strong at 67.37 in the evening session on fresh selling of the American currency by exporters and banks amid strong equities.
Forex dealers said dollar’s weakness against other currencies overseas also supported the rupee.
The domestic unit opened strong by 16 paise at 67.59 against the previous close of 67.75. It hovered in a range of 67.60 and 67.31 before quoting at 67.37, up 38 paise at 4.40 pm local time.
Yesterday, the rupee had lost 26 paise or 0.39 per cent to end at a fresh 2-1/2 month low of 67.75 on sustained demand for the American currency.
Meanwhile, the 30-share BSE index Sensex ended higher by 575.70 points or 2.28 per cent at 25,881.17.
In the overseas market, the dollar hit a two-month peak against its basket of peer currencies on Wednesday, boosted by robust US housing data supporting the case for the Federal Reserve to raise interest rates in the near term, but fell back slightly.
The dollar index inched 0.1 per cent lower to 95.503, after earlier rising as high as 95.661, one tick above the overnight high hit after data showed new US single-family home sales surged to a more than eight-year peak in April and prices hit a record high.
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