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The rupee strengthened to 64.24 against the dollar due to fresh selling of the US currency by exporters and banks.
Forex dealers said that besides selling of the American currency by exporters and banks, dollar's weakness against other currencies overseas as traders await the conclusion of the Federal Reserve’s policy meeting bolstered the rupee.
The domestic unit opened strong by 8 paise at 64.25 at the Interbank Foreign Exchange market today. It hovered in a range of 64.43 and 64.24 before quoting at 64.27, up 6 paise at 4.40 pm local time.
Yesterday, the rupee had lost 20 paise to nearly two-month low of 64.33 a dollar due to sustained demand for the American currency from importers amid higher greenback overseas.
The dollar retreated as investors awaited the outcome of the Federal Reserve meeting later in the day. The index that measures the greenback against a basket of major currencies was 0.1 per cent lower in early European trade.
Analysts expect the US central bank to say at the end of its two-day meeting that it will gradually move to reduce the size of its balance sheet starting in October, and also leave the door open for an interest rate hike at their December 12-13 meeting.
The 30-share BSE index Sensex ended down by 1.86 points or 0.01 per cent at 32,400.51.
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