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The rupee was trading strong at 63.58 in the evening session due to increased dollar selling by exporters and on the back of a weak dollar against other currencies overseas.
Besides, a strong domestic equity market as heavy monsoon rains eased the drought fears supported the rupee sentiment.
The dollar held steady near a one-month low against a basket of major currencies on Friday, after tame US inflation data added to uncertainty over when the Federal Reserve will begin raising interest rates.
Against a basket of major currencies, the dollar last traded at 94.072, having set a one-month low of 93.563 on Thursday. The dollar index is down about 1 per cent for the week, and set for its third straight weekly loss.
Rising for the third straight day, the rupee strengthened 6 paise to trade at 63.67 against the US dollar in early trade at the Interbank Foreign Exchange market today.
The domestic currency hovered in the range of 63.55 and 63.85 in the evening trade.
The rupee had gained 39 paise to more than 2-week high of 63.73 against the American currency in yesterday’s trade on persistent selling of dollar by banks and exporters amid expectations of resumption of capital inflows in view of sustained rise in the equity market.
Meanwhile, the 30-share BSE index Sensex jumped 200.34 points or 0.74 per cent to 27,316.17 at the closing session today.
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