The rupee covered up its early losses to trade at 63.53 against the American currency, close to its overnight level of 63.52, on bouts dollar selling by banks and exporters.
Earlier, the rupee opened lower at 63.57 at the Interbank Foreign Exchange (Forex) Market.
The rupee slid further to 63.58 before quoting at 63.53 per dollar at 1200 hrs.
It moved in a range of 63.52 and 63.58 during the morning deals.
Globally, the dollar firmed up against its major rivals in early trade after Greece finally agreed to a debt deal with its creditors, allowing market focus to shift back towards US and European yield differentials.
Meanwhile, the BSE benchmark Sensex was trading down 39.19 points, or 0.14 per cent, at 27,922 at 1206 hrs.
