Rupee pares initial gains, still up 7 paise vs dollar

The rupee trimmed its initial gains, but was still quoting up by 7 paise to 61.62 against the US currency in late morning deals today on bouts of dollar selling by banks and exporters.

Earlier, the rupee resumed slightly lower at 61.70 per dollar as against yesterday close of 61.69 at the Interbank Foreign Exchange market.

Later, it gained to 61.55 on sustained bouts of dollar selling by exporters before quoting at Rs 61.62 at 1100 hrs.

It hovered in the range of 61.55-61.72 per dollar during the morning trade.

Higher equities and capital inflows supporting the rupee sentiment, dealers said.

Meanwhile, the BSE Sensex were trading higher by 61.88, or 0.21%, to 28,846.55 in late morning trade.