Rupee trades flat at 64.83 in late morning trade

Mumbai: The rupee surrendered most of its early gains and was trading flat at 64.83 against US currency in late morning trade today on bouts of dollar selling by banks and exporters.

The rupee made a tentative recovery of 16 paise at 64.68 against the dollar at the start of the session after banks and exporters hit the sale button for the US currency.

The rupee plunged 69 paise or 1.06 per cent yesterday to end at 64.84 per dollar, tracking losses in domestic equities and other emerging market currencies.

The domestic currency hovered in a range of 64.85 and 64.6750 per dollar during the morning trade before quoting at 64.83 per dollar at 1025 hrs.

The dollar Index was down 0.09 per cent at 97.79 against a basket of six global currencies.

Overseas, the dollar traded above six-month lows against a basket of six major peers today, having gained some reprieve as solid US economic data helped temper a sell-off triggered by political tumult in Washington.

The safe haven Swiss franc and Japanese yen pulled back from the week’s highs as risk aversion eased, as US equities edged higher yesterday helped by strong economic data.

The Indian benchmark Sensex was trading higher by 253.52 points or 0.83 per cent at 30,688.31 at 1025 hrs.