Rupee up by 8 paise to 64.16 in late morning deals

MUMBAI: The rupee pared its early sharp gains but was still quoting higher by 8 paise to 64.16 against the US currency in late morning deals on sustained bouts of dollar selling from banks and exporters amid higher local equities.
The rupee opened sharply higher at 64.12 per dollar as against yesterday's closing level of 64.24 at the inter-bank foreign exchange here.
It gained further to 64.02 on sustained dollar selling by banks lifted by stablity in local equities after recent heavy losses.
The unit hovered between 64.19 and 64.02 per dollar during morning deals. It was trading at 64.16 at 1130hrs.
The US dollar steadied against a basket of currencies in early Asian trade as calm returned to global financial markets with investors partially reversing their rush to safe haven assets and moving back to stocks.
The 30-share BSE Sensex trading up by 32.36 points or 0.09 per cent at 34,228.30 at 1100 hrs.