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The rupee was trading strong at 63.66 against the dollar due to mild selling of the US currency by exporters and the dollar's against other major global currencies.
The domestic unit opened up by 3 paise at 63.68 at the Interbank Foreign Exchange market today. It hovered in a range of 63.85 and 63.63 before quoting at 63.66, up 5 paise at 3.25 pm local time.
Yesterday, the rupee had dropped sharply by 20 paise to end at a fresh one-week low of 63.71 against the US currency following steady uptick in dollar demand from importers and banks amid surging crude prices.
Meanwhile, the benchmark BSE Sensex was trading marginally down by 10.53 points or 0.03 per cent at 34,432.66 as investors remained cautious ahead of Q3 earnings to be published this week and the Union Budget next month.
The US dollar skidded further to a six-week low against the Japanese yen on Wednesday after the Bank of Japan's move to trim its government bond (JGB) purchases in the previous session stoked speculation it would ease its massive monetary stimulus.
The dollar slipped as much as 0.7 per cent to 111.765, its lowest since December 1, after Tuesday's 0.5 per cent fall when Japan's central bank reduced the amount of its JGB purchases in its regular buying operations -- a slight tweak to policy.
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