The rupee wiped off its losses and was trading a tad strong at 61.72 against the dollar at 4.25 pm local time due to mild dollar selling by banks and exporters.

After opening weak by 16 paise at 61.91 against the dollar in early trade, the domestic unit hovered in the range of 61.72 and 62.00 in the afternoon trade.

According to forex dealers, fresh dollar selling by banks and exporters helped the rupee sentiment, but the greenback's gains against other global currencies and a weak domestic equity market capped the gains.

The rupee had closed down by eight paise at 61.75 per dollar yesterday on fresh demand for the US currency from banks amid fall in stock markets.

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