Mumbai: Snapping its two-day losing streak, the rupee on Wednesday recovered by 4 paise to close at 64.93 per dollar on fag-end selling of the American currency by banks and exporters amid lower greenback overseas.
The rupee resumed lower at 65.07 per dollar as against the last closing level of 64.97 at the Interbank Foreign Exchange market and moved down further to 65.09 on initial dollar demand from banks and importers.
However, it trimmed its initial losses against the dollar and recovered to 64.91 before settling at 64.93, showing a gain of four paise or 0.06 per cent.
It had dropped by 14 paise or 0.22 per cent in the previous two days.
It moved in a range of 64.91 and 65.09 per dollar during the day. The dollar index was trading lower by 0.19 per cent against a basket of six currencies in the late afternoon trade.
In the overseas market, the US dollar struggled for direction in the late afternoon trade, as investors held back from taking lopsided positions ahead of the Federal Open Market Committee's decision in the US later on Wednesday.
However, in the global market, the dollar rose on Tuesday against most of its rivals, but held within a tight trading range, as investors braced for the outcome of a two-day Federal Reserve meeting that will end today with the central bank's policy statement.
Meanwhile, the benchmark sensex dropped further by 213.68 points or 0.78 per cent to end at 27,039.76.
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