Rupee up 3 paise vs US dollar in late morning

The rupee gained 3 paise to trade at 63.53 against the US currency in late morning deals following mild bouts of dollar selling by banks and exporters amid rallying domestic equities.

The rupee opened a lower at 63.60 per dollar as against last Thursday's closing level of 63.55 at the inter- bank foreign exchange here.

It slipped further to 63.62 per dollar on sustained bouts of month-end dollar demand, before rebounding to 63.50 during morning trade.

It was quoting at 63.52 per dollar at 1130 hrs.

"Sustained FII inflows were supporting the rupee," a dealer said.

The 30-share BSE Sensex was trading higher by 308.09, points or 0.85 per cent at 36,358.53 at 1040 hrs.