The rupee washed out initial gains to quote steady at 64.11 against the dollar in late morning trade on fresh demand for the greenback from banks and importers despite its weakness in overseas market. The rupee resumed higher at 64.05 per dollar as against yesterday’s closing level of 64.11 at the Interbank Foreign Exchange (Forex) Market and firmed up further to 63.97 on initial selling of dollars.
However, it washed out its initial gains and dropped to 64.14 on fresh dollar demand from banks and importers before quoting at 64.11 at 1100 hrs. The domestic currrency hovered in a range of 63.97 and 64.14 per dollar during the morning trade.
In the overseas market, the dollar retreated yesterday from its highest level against the yen in a month after the blueprint for President Donald Trump’s long-anticipated tax reform plan delivered few surprises.
Meanwhile, the Indian benchmark sensex dropped by 44 pts to 30,089.46 after hitting all-time high level during the late morning trade due to profit-booking.