Mumbai, Oct 31 (PTI) The rupee made a cautious rise of 7 paise to 64.78 against the US dollar today as the US Fed's two-day policy meet gets underway.   

Exporters and banks continued to give the American currency a wide berth.   However, the dollar's overseas strength and a lower opening in the domestic stock market cast a shadow on the rupee's gains, traders said. 

Yesterday, the rupee had bounced back by a healthy 20 paise to end at 64.85 against the US currency on fresh bouts of dollar selling by exporters and banks amid buoyant local equities. Meanwhile, the benchmark Sensex retreated from the record by falling 66.99 points, or 0.20 percent, to 33,199.17 in early trade today.