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 interbank 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.