Mumbai: The Indian rupee has opened flat at 63.65 per dollar on Wednesday against previous day's closing value of 63.64 a dollar.
NS Venkatesh of IDBI Bank said, "The USD-INR pair ended on a positive note on Tuesday. We saw some dollar sales by the custodial banks and the month-end import demand was at a low."
"The rupee is expected to trade marginally weaker today due to the Greece default and the weakness will continue till Sunday's referendum. The range for the USD-INR is seen between 63.60-63.80/dollar," he added on Wednesday.
The euro traded around 1.1 to the dollar as Greece defaults on a repayment to the IMF, but short-covering and uncertainty ahead of a key referendum caps losses.
The rupee pared its initial loss and ruled at the same overnight level of 63.64 against the American currency in late morning deals amid bouts of dollar selling by banks and exporters, and bullish equities.
The rupee opened lower at 63.66 per dollar at the Interbank Foreign Exchange (forex) as against 63.64 previously. It depreciated further to 63.68 before it was quoting at 63.60 at 1220 hours.
The domestic unit moved in a range of 63.68 and 63.64 in
morning deals.
Overseas, the US dollar was higher in early Asian trade while the euro got off to a cautious start with Greece's fate still hanging in the balance.
Meanwhile, the benchmark Sensex rallied 198.05 points, or 0.71 per cent, to 27,978.88 at 1225 hours.
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