The rupee was trading strong by 38 paise at 63.16 against the dollar at 4.00 pm local time due to heavy capital inflows into the domestic equity market and dollar's weakness against other currencies overseas.

After opening strong by 23 paise at 63.31 per dollar against the previous close of 63.54, the domestic unit hovered in the range of 63.15 and 63.38 in the afternoon trade.

On Wednesday, the rupee had touched a one-year low of 63.89 on global concerns over Russia's sharp hike in interest rates.

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