Rupee washes out initial losses against dollar, up 19 paise

The rupee washed out earlier losses today and was quoted higher by 19 paise to 63.18 per dollar on fresh selling of the US currency by banks and exporters on the back of its weakness overseas.



The rupee resumed lower at 63.45 per dollar as against the last closing level of 63.37 at the Interbank Foreign Exchange (Forex) Market on good dollar demand from banks and importers.



However, it washed out earlier losses and was quoted higher at 63.18 per dollar on selling of the US currency by banks and exporters. The domestic currency moved in a range of 63.46 and 63.16 per dollar during morning deals.



In the global market, the US dollar continued to trade lower yesterday, as Federal Reserve policy makers started a two-day meeting that\'s expected to result in a modest scaling back of the central bank\'s bond-buying programme.



Meanwhile, the benchmark BSE-30 share index Sensex was quoted higher by 26 points or 0.13% at 19,829.91 at 1050 hours.
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