MUMBAI: The rupee pared some of its initial gains to trade at 63.90 per dollar in late morning session today, still up by 14 paise over previous close on the back of dollar selling by banks and exporters.
A rally in local equities supported the rupee sentiment, a dealer said.
The rupee resumed higher at 63.93 per dollar at the interbank foreign exchange (Forex) against last closing level of Rs 64.04 per dollar.
The domestic unit hovered between 63.93 and 63.87 during morning deals. It was quoted at 63.90 at 1030 hrs.
Overseas, the euro extended gains to a two-and-a-half- year high against the dollar amid lower expectations of further monetary tightening in the US.
Meanwhile, the benchmark BSE Sensex trading higher by 164.41 points or 0.52 per cent at 31,760.47 at 1050 hrs.