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The rupee was trading a tad weak at 63.83 in the evening session on mild dollar demand from importers besides strengthening of the dollar against other currencies overseas.
The dollar inched higher on Friday, putting it on track for a monthly rise in May, while Chinese shares steadied after a plunge a day earlier that stoked concerns about the financial health of the world’s second largest economy.
On Friday, the dollar rose 0.05 per cent on the day against a basket of currencies and 0.2 per cent lower against the euro at $1.0966.
After opening strong at 63.78 against the dollar, the domestic unit further strengthened to 63.69, before being quoted at 63.83 at 4.55 pm local time. The local currency hovered in the range of 63.69 and 63.89 in the evening trade.
The rupee had snapped its 3-day losing streak against the US dollar by ending 21 paise higher at 63.80 in yesterday’s trade.
Meanwhile, the benchmark BSE Sensex surged 321.73 points or 1.17 per cent at 27,828.44 on across-the-board buying in blue-chip stocks by funds and retail investors on rate cut hopes and value-buying.
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