The rupee was trading strong by 8 paise at 63.24 against the dollar at 3.05 pm local time.
The rupee opened flat at 63.31 per dollar against the previous close of 63.32 amid a strong opening in the domestic equity market.
It hovered in the range of 63.13 and 63.31 in the afternoon trade.
>#Rupee is struggling to strengthen beyond 63. The intra day price action so far today suggests that a fall to 63.60 is likely
— Gurumurthy K (@gurukmurthy)
The rupee had plunged to 13-month low of 63.53 last week caused by chaos in global financial markets caused by volatility in Russian currency rouble.
Forex dealers said the dollar’s weakness against other currencies overseas amid firm domestic equity market also supported the rupee.
The domestic currency had lost 19 paise to end at 63.30 against the dollar on Friday due to strong demand for the US currency from oil firms.