In the early trade on Wednesday, rupee depreciated by 11 paise to 64.03 against the US dollar at the Interbank Foreign Exchange on account of appreciation of the American currency overseas.
Yesterday, the rupee had closed higher by 16 paise at 63.92 against the American currency.
NS Venkatesh of IDBI Bank said, “The rupee showed signs of strengthening versus the dollar. The dollar weakness against other currencies was further pushed due to dollar selling by custodial banks and exporters.”
“Expect rupee to trade in the range of 63.80-63.95/dollar today,” he added.