The rupee reversed its initial losses against the US dollar to reach 64.55 in late morning trade due to fresh selling of the American currency by banks and exporters. The rupee resumed lower at 64.64 per dollar as against its last closing level of 64.56 at the Interbank Foreign Exchange (Forex) Market.
It dropped further to 64.67 in view of initial dollar demand from banks and importers on the back of higher greenback in the overseas market. However, the rupee recovered to 64.55 in late morning trade on fresh selling of dollars by exporters. The rupee hovered in a range of 64.55 and 64.67 during the morning trade. In the overseas market, the dollar continued to climb against the yen yesterday after Treasury Secretary Steven Mnuchin affirmed that there is bipartisan support for raising the US debt ceiling, and that an extension would likely be approved by the summer.