Rupee trims initial gains against dollar

The rupee trimmed its initial gains against the American currency but was still trading up by 2 paise to 59.73 in late morning deals on bouts of dollar selling from exporters.

Earlier, the rupee resumed higher at 59.63 per dollar as against the last closing level of 59.75 at the Interbank Foreign Exchange market. It pared the gains to trade at 59.73 per dollar in late morning deals. The local currency moved in a range of 59.73 and 59.57 per dollar.

In New York, the US Dollar reversed earlier gains against most major rivals, with the exception of the yen, in the wake of minutes from the latest Federal Reserve meeting that showed it would end its asset-purchasing programme in October.

Meanwhile, the benchmark 30-share index Sensex was trading higher by 61.66 points, or 0.24 per cent, to 25,506.12 at 1030 hours.