Rupee trims initial gains vs dollar, still up 10 paise

The rupee trimmed its initial gains but was quoted still higher by 10 paise to 62.31 against the American currency on fresh selling of dollars by exporters and banks in view of strong equity market.

The domestic currency resumed higher at 62.30 per dollar as against the last closing level of 62.41 at the Interbank Foreign Exchange Market and firmed up further to 62.20 a dollar.

However, it trimmed its initial gains and was quoted at 62.31 per dollar at 10.45 am.

It hovered in a range of 62.20-62.35 per dollar during the morning deals.

Banks and exporters preferred to reduce their dollar position on hopes of more foreign capital inflows in view of rising equity market.

Meanwhile, the benchmark Sensex rose by 263.86 points, or 1.28 %, to 20,798.77 at 10.45 am.

Crude Oil was flat in thin Asian trade on Friday after the Thanksgiving holiday in the United States, with investors increasingly concerned over growing US crude stockpiles, analysts said.