Rupee trims initial gains vs dollar, rules steady at 63.82

In restricted activity, the rupee was steady at 63.82 against the American currency in late morning trade because of alternate bouts of demand and supply transactions of dollars.

The rupee resumed higher at 63.77 from Wednesday's closing level of 63.82 at the Interbank Foreign Exchange market on mild selling of dollars by banks and exporters.

However, it failed to maintain initial gains and was stable at its overnight level of 63.82 per dollar at 1100 hours.

The rupee hovered in a range of 63.75 and 63.84 during the morning deals.

At the overseas, the US dollar was broadly lower in early trade as hopes for progress in Greek debt talks and a huge spike in European yields combined to give the euro its biggest gain in three months.

The dollar index, which measures it against a basket of six major currencies, was down at 95.897 having shed 1.5 per cent yesterday in its biggest one-day drop since July 2013.

Crude oil prices fell in early Asian trade as oversupply weighed on markets, with OPEC not expected to announce a production cut at its meeting on Friday.