Rupee trims initial gains, but still up 9 paise

Selling of dollars by exporters, banks help

Moving in line with the equity market, rupee trimmed its initial gains against the green currency but was still quoted higher by nine paise to 62.48 per dollar on selling of the American unit by banks and exporters in view of dollar weakness overseas.

The rupee resumed higher at 62.40 per dollar as against the last closing level of 62.57 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 62.38 per dollar on initial selling of dollars by banks.

However, it trimmed its initial gains and was quoted at 62.48 per dollar at 1045hrs on some dollar demand from banks.

It hovered in a range of 62.38-62.51 per dollar during the morning deals.

In New York, the dollar fell against the euro and yen yesterday as investors analysed data on US private-sector jobs and service-sector expansion in an effort to get a better sense of US growth in 2014.

Meanwhile, the Indian benchmark benchmark sensex dropped 120.65 points or 0.60% to 20,140.38 at 1045hrs.