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.
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