Rupee pares initial gains; still up 76 paise Vs dollar

The rupee pared its early gains but was still quoted higher by 76 paise to 62.72 per dollar in late morning deals today on selling of the US currency by banks and exporters.
The local currency resumed lower at 63.70 per dollar as against the last weekend's level of 63.48 at the Interbank Foreign Exchange (Forex) market.
However, it recovered afterwards to 62.50 before quoting 62.72 per dollar at 1040 hours.
It moved in a range of 62.50 and 63.70 per dollar during the morning deals.
In the global markets, the US dollar traded lower in early trade after former US Treasury Secretary Larry Summers withdrew himself from the race to be the next Federal Reserve chairman.

Meanwhile, the Indian benchmark BSE-30 share index Sensex trimmed its earlier gains, but was still quoted higher by 211 points or 1.07 per cent to 19,943.75 at 1050 hours.