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The rupee was trading strong at 64.35 on increased selling of the greenback by banks and exporters besides sustained foreign fund inflows.
However, strengthening of dollar against other currencies overseas and a weak domestic equity market restricted the rupee's gains.
The domestic unit opened strong by 7 paise at 64.31 at the Interbank Foreign Exchange market today. It hovered in a range of 64.35 and 64.26 before quoting at 64.35, up 3 paise at 3.45 pm local time.
Yesterday, scripting its biggest single-day gain in four weeks, the rupee had rallied by 25 paise to close at 64.38 a dollar on heavy selling of the US currency.
The forex market also took inspiration from domestic equities’ record-setting spree.
Meanwhile, the benchmark BSE Sensex ended down by 62.83 points or 0.21 per cent at 30,188.15.
The dollar traded near a three-week high on Friday, on track for its strongest week this year, as robust producer price and labour market data bolstered expectations that the Federal Reserve will raise US interest rates again in June.
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