Rupee trims early gains, up 18 paise in late morning trade

Dollar's weakness against some Asian currencies helps rupee

Surrendering some of its early gains, the rupee was trading higher by 18 paise to 57.80 against the dollar on selling of the US currency by banks and exporters in view of its lower value in overseas market.

The rupee resumed higher at 57.75 per dollar as against the last closing level of 57.98 at the Interbank Foreign Exchange (Forex) market and moved up further to 57.63 on selling of the US currency.

However, it failed to maintain gains and was quoted at 57.80 per dollar at 1040 hours on mild dollar demand.

It moved in a range of 57.63 and 57.86 per dollar during the morning deals.

In the global market, the US dollar fell against the Japanese yen in their early trade.

Meanwhile, crude oil prices eased on profit-taking in Asian trade today while dealers grow cautious over a supply glut and waning global demand, analysts said. New York's main contract, light sweet crude for delivery in July dropped a cent to $96.68 a barrel.

The BSE benchmark Sensex rose by 229.13 points, or 1.22%, to 19,056.29 at 1050 hours.