Rupee trims initial gains, still up 5 paise to 66.38 Vs USD

The rupee trimmed its initial gains but was still up by five paise at 66.38 per dollar in late morning deals following bouts of selling of the US currency by some banks and exporters.
The domestic unit resumed higher at 66.34 per dollar as against yesterday's level of 66.43 at the Interbank Foreign Exchange (Forex) market.
It hovered in a range of 66.32 to 66.4150 during the morning deals before quoting 66.38 per dollar at 1030 hrs.
"Strength in USD will keep rupee under pressure, investors are expected to trade cautiously and square off their positions ahead of the weekend, a forex dealer said.

The dollar index is currently down 0.02 per cent at 95.48 against a basket of six currencies.
Crude prices gained overnight on strong US demand for gasoline, but news of increased US inventories of crude kept prices under check. Brent Crude was trading above USD 48 per barrel.
Meanwhile, the benchmark BSE Sensex was trading up by 151 points or 0.59 per cent at 25,772.93 at 1035-hrs.