The rupee wiped off its initial losses and was trading strong at 62.47 on mild dollar selling by exporters amid weak equity market.
The rupee depreciated by five paise at 62.57 against the US dollar in early trade at the Interbank Foreign Exchange market today on fresh demand for the American currency from importers.
It further fell to 62.58 before being quoted at 62.47 at 4.50 pm local time.
The local currency hovered in the range of 62.43 and 62.58 in the afternoon trade.
The rupee had gained 17 paise to end at 62.52 against the US dollar yesterday.
Meanwhile, the benchmark BSE Sensex plunged 208.59 points or 0.73 per cent at 28,261.08 at the closing session.