Rupee pares inital gains; trades flat in late morning deals

The Indian rupee pared its initial gains to trade at its overnight level of 63.91 against the US currency in late morning deals on bouts of dollar selling by banks and exporters amid firm equities.
The rupee resumed higher at 63.87 per dollar as against yesterday's closing level of 63.91 at the Interbank Foreign Exchange (Forex) market, later it appreciated further to 63.85 before quoting at 63.91 at 1110 hours.
The domestic unit moved in a range of 63.94 and 63.85 in the morning trade.
Globally, the US dollar held on to its modest overnight gains against its major rivals in early Asian trade as traders look to any hints from the US Federal Reserve on the timing and the pace of its future rate hikes.

Meanwhile, BSE Sensex was trading higher by 67.17 points or 0.24 per cent at 27,526.40 at 1115 hrs.