Rupee pared some of its early gains but was still trading up by 20 paise at 64.83 against the US currency in late morning deals on bouts of dollar selling by banks and exporters amid rallying equities.
The rupee resumed sharply higher at 64.75 per dollar as against yesterday's level of 65.03 at the Interbank Foreign Exchange (Forex) market.
It strengthened further on persistent bouts dollar selling by exporters to 64.7150 before quoting at 64.83 at 1030 hrs.
The domestic unit hovered in a range of 64.85 and 64.7150 during morning trade.
The US dollar plunged to around seven-week lows against a basket of currencies in early Asian trade, after weak US retail sales data reinforced hopes of delay in hike of interest rates by the US Federal Reserve.
Meanwhile, the benchmark BSE Sensex was trading marginally higher by 196.52 points to 26,976.18 at 1050 hrs.
