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The rupee was trading a tad weak at 63.85 on mild demand for the American currency from importers and banks. However, a strong domestic equity market capped the rupee’s losses.
The domestic unit opened flat at 63.84 at the interbank foreign exchange market today. It hovered in a range of 64.00 and 63.71 before quoting at 63.85, down 1 paise at 4.40 pm local time.
On Friday, the rupee had gained two paise to end at 63.84 against the dollar in a highly volatile trade despite the outlook for the US currency remaining lacklustre.
Meanwhile, the Sensex and Nifty hit record closing highs for a fourth straight session on Monday on sustained foreign fund inflows and persistent buying by domestic investors.
In the overseas market, the dollar was pinned near a three-year low on Monday as a US government shutdown encouraged investors to add to bearish bets against the greenback, while the euro consolidated recent gains.
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