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The rupee strengthened to 64.93 as the dollar remained weak against other currencies overseas.
The domestic unit opened lower at 65.15 against yesterday’s closing level of 65.03 per dollar at the interbank forex market today and slipped further to 65.16 per dollar.
However, it wiped off its losses to quote at 64.96 at 3.35 pm local time. The rupee hovered in a range of 65.16 and 64.93 in the afternoon trade.
“Weakness in dollar overseas is cushioning the rupee,” a dealer said.
The dollar slipped broadly on Wednesday, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in US tax reforms plans could be delayed.
Meanwhile, the benchmark BSE Sensex ended lower by 151.95 points or 0.46 per cent at 33,218.81.
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