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The rupee rallied by 59 paise to 63.10 as the dollar wallowed near three-year lows against its peers after caving on comments by US Treasury Secretary Steven Mnuchin that he welcomed a weaker currency, while the euro steadied ahead of the European Central Bank's policy decision.
The single currency took a breather from an overnight rally, easing 0.1 per cent to $1.2396. It had soared 0.9 per cent to $1.2415 on Wednesday, its highest since December 2014.
The domestic unit opened strong by 16 paise at 63.53 at the Interbank Foreign Exchange market today. It hovered in a range of 63.64 and 63.10 before quoting at 63.53 at 4.50 pm local time.
According to forex dealers, increased selling of the American currency by exporters and banks also supported the domestic unit. Yesterday, the rupee had strengthened by 9 paise to close at a new one-week high 63.69.
The Sensex and Nifty ended lower, snapping a six-day record-setting rally, as profit-taking hit IT stocks while large state-run lenders slid as they stood to receive less money than expected from a government recapitalisation plan.
The 30-share BSE index Sensex closed lower by 111.20 points or 0.31 per cent at 36,050.44 against the previous close of 36,161.64 and the 50-share NSE index Nifty ended down by 16.35 points or 0.15 per cent at 11,069.65 against yesterday's close of 11,086.
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