Rupee trims initial gains, trades in tight range

Hovers in a range of 63.75 and 63.84 during morning deals

The rupee was trading steady at 63.82 against the American currency in late morning trade owing to alternate bouts of demand and supply of dollars.

The rupee resumed higher at 63.77 from yesterday's closing level of 63.82 at the Interbank Foreign Exchange (forex) 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 hrs.

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

Overseas, the US dollar was broadly lower in early trade as hopes of a Greek deal and huge spike in European yields gave 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% 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.

Meanwhile, the benchmark BSE Sensex was trading lower by 263.05 points or 0.97% at 26,925.33 at 1130 hours.