Paring the morning session gains, the rupee declined to 54.88 in the late afternoon trade on dollar buying by importers and banks.
After opening higher at 54.70, the rupee strengthened to 54.61 in the first session trade at the Interbank Foreign Exchange market today on selling of the US currency by exporters and banks.
The domestic currency opened higher on positive domestic equity market and a stronger euro ahead of the European Central Bank’s monetary policy meeting on Thursday.
But it declined to 54.88 in the late afternoon trade on dollar buying. The Indian unit had closed at 54.94 per dollar on Tuesday.
