The partially convertible currency had earlier hit a high of 63.19, its highest since August 21. It traded up around 0.9 per cent as against Tuesday’s close of 63.84.
Dealers told Reuters that corporate inflow related selling of dollars supported the rupee today. Several dealers cited selling by a large private petrochemical company.
A convincing break of 63.30 means 63 will be next support, analysts said. The rupee has gained over 6 per cent since the lows hit last Wednesday. That day Raghuram Rajan took over as the new Reserve Bank governor and announced a series of measures to defend the currency.
Markets traded off the day’s low tracking strong gains in the recovery. The BSE traded down 96 points at 19,900, while the Nifty traded 18 points lower at 5,878.
Traders attributed the correction to profit taking after a four-day rally saw a complete turnaround in sentiments. The BSE Sensex has around 10 per cent or around 1,800 points in the previous four trading sessions starting Wednesday. Markets were closed on Monday.