Rupee snaps three-day losing streak as banks, importers sell dolalrs

Currency hovers in 63.87-64.03 range during morning trade

The rupee snapped its three-day losing streak against the American currency, recovering by six paise to 63.94 per dollar on fresh selling of dollars by banks and exporters in view of good foreign capital inflows.

The rupee resumed lower at 64.02 per dollar as against the last closing level of 64.00 per dollar at the Interbank Foreign Exchange (Forex) on initial dollar demand from banks and importers on the back of higher dollar overseas.

However, it recovered immediately to 63.87 per dollar before quoting at 63.94 per dollar at 1045 hrs, showing a gain of six paise or 0.09% from its last close.

It had dropped by 30 paise or 0.47% in the last three days.

The local currency hovered in a range of 63.87 per dollar and 64.03 per dollar during the morning trade.

In the global market, the dollar rose against the euro yesterday, as investors braced for the US official jobs report, among jitters over Greece's bailout talks and a rebound in euro zone's bond markets.

Meanwhile, the benchmark BSE Sensex dropped by 51.48 points or 0.19% at 1045 hrs.