The rupee wiped off its early losses and was trading strong by 24 paise at 63.15 against the dollar at 11.18 a.m. local time due to weakening of dollar against other overseas currencies.
The domestic unit shed 6 paise to 63.45 per dollar in the opening trade against the previous close of 63.39 as the markets remained jittery ahead of the two-day Federal Open Market Committee (FOMC) meeting outcome expected to be released today.
The FOMC is expected to outline the pace of tapering of the fiscal stimulus, which has infused over $1 trillion over last year. The dollar has weakened again
With uncertainty prevailing, the RBI has come up with a few more measures to support the currency. The Indian Government has now increased the import duty on gold jewellery to 15 percent from the existing 10 percent.
