Rupee recoups losses, trades at 63.53

The rupee covered up its early losses to trade at 63.53 against the American currency, close to its overnight level of 63.52, on bouts dollar selling by banks and exporters.

Earlier, the rupee opened lower at 63.57 at the Interbank Foreign Exchange (Forex) Market.

The rupee slid further to 63.58 before quoting at 63.53 per dollar at 1200 hrs.

It moved in a range of 63.52 and 63.58 during the morning deals.

Globally, the dollar firmed up against its major rivals in early trade after Greece finally agreed to a debt deal with its creditors, allowing market focus to shift back towards US and European yield differentials.

Meanwhile, the BSE benchmark Sensex was trading down 39.19 points, or 0.14%, at 27,922 at 1206 hrs. 

Opening trade:

Rupee down 5 paise against dollar

The rupee fell marginally by 5 paise to 63.57 against the US dollar in early trade today on increased demand for the American currency from importers.

The dollar strengthened against major world currencies which impacted the rupee sentiments, dealers said.

Also, increased demand for the dollar from importers weighed on the local currency, but a higher opening in the domestic equity market capped the losses, they said.

The rupee had ended lower by 13 paise at 63.52 a dollar yesterday on fresh demand for the American currency from banks and importers amdist fall in crude oil prices.

Meanwhile, the benchmark Sensex gained 33.85 points, or 0.12%, to 27,995.04 in early trade.