Mumbai: The rupee pared its initial losses to trade almost flat at 63.67 against the American currency in late morning deals on bouts of dollar selling by exporters and banks.

The rupee opened higher by 63.67 per dollar as against yesterday's closing level at 63.68 per dollar at the inter- bank foreign exchange market here today.

The domestic unit gained further to 63.62 before losing the gains to 63.77 per dollar on sudden bouts of dollar demand. It was trading at 63.67 per dollar at 1130hrs.

Meanwhile, the US dollar was down against basket of major currencies after investors books profits in wake of last week s US tax overhaul.  PTI