The rupee recovered from initial losses and was trading almost flat at 64.22 against the US dollar in late morning deals on fresh selling of the American currency by banks and exporters. Earlier, the domestic currency resumed lower by 6 paise to 64.27 as against yesterday’s closing level of 64.21 per dollar at the Interbank Foreign Exchange.
The domestic unit hovered in a range of 64.2750 and 64.1750 per dollar during the morning deals before quoting at 64.22 at 1025 hours. The dollar index was trading down 0.01 per cent at 97.20 against a basket of six currencies in the global market.
Overseas, the US dollar rose in volatile trade yesterday, after European Central Bank President Mario Draghi said a substantial degree of monetary accommodation was still needed in the eurozone.
Besides, a weak trend globally following ousted FBI chief James Comey’s explosive testimony before the US senate panel and exit polls suggesting a hung parliament in UK also influenced sentiment.
Meanwhile, the benchmark BSE Sensex was trading down by 40.18 points, or 0.13 percent, at 31,173.18 at 1030 hours.