Rupee pulls back from early losses, up 5 paise

The rupee gained back 5 paise from initial losses against the American currency, quoting 63.87, on fresh selling of dollars by banks and exporters following a strong opening in the equity market.
The rupee resumed lower at 64.03 against its last closing level of 63.92 at the Interbank Foreign Exchange Market and slid further to 64.05 on initial dollar demand from banks and importers amid capital outflows.
However, it shaped up immediately to 63.87 at 1100 hours on dollar sale by banks and exporters on hopes of resumption of foreign capital inflows in view of a strong equity market.
The rupee moved in a range of 63.87 and 64.05 in the morning trade.

The benchmark BSE Sensex rose 275.02 points, or 1.04 per cent, to 26,756.27 at 1203 hours.
In the overseas market, the dollar weakened against major currencies yesterday, adding to losses from Monday's session, as uncertainty about a Fed rate hike lingered.