The rupee recovered from its two-week low to trade 4 paise higher at 64.84 against American currency in late morning deals, on good bouts of dollar-selling by banks and exporters.
The rupee opened lower at 68.91 from Tuesday’s closing level of ₹68.88 at the interbank foreign exchange market here.
The Indian unit fell further to a fresh two week low of 68.93, before recovering to trade at 68.82 on bouts of dollar selling from banks and exporters, it was trading at 68.84 at 1020 hrs.
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The domestic unit hovered between 68.82 and 68.93 during morning deals.
However, continued U.S.-China trade war concerns and political uncertainty in the UK restricted the rupee gains, a dealer said.
Overseas, the U.S. dollar firmed against the basket of currencies in early Asian trade, while the pound stayed fragile after falling to an 11-month low against the dollar overnight on worries over a hard Brexit from the European Union, while simmering US-China trade tensions provided support to the greenback.
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Meanwhile, the 30-share BSE Sensex was trading higher by 2.34 points, or 0.01 per cent, at 37,694.23 at 1050 hrs.