Rupee trims initial gains vs dollar

The rupee trimmed its initial gains against the US dollar and was quoted higher by 10 paise to 61.70 in late morning deals on selling of the greenback by banks and exporters.

The rupee resumed higher at 61.65 per dollar as against the yesterday's closing level of 61.80 at the Interbank Foreign Exchange market and moved up further to 61.63 per on initial dollar selling by banks.

However, it trimmed its initial gains on mild dollar demand from some banks and was quoted at 61.70 per dollar at 1110 hours, still showing a gain of ten paise from its last close.

The local currency moved in a range of 61.63 and 61.77 per dollar during the late morning trade.

In the New York market, the Canadian dollar, Norwegian krone and Russian ruble rose against the US dollar yesterday as oil prices fluctuated.

Meanwhile, the benchmark Sensex rose by 111.02 points or 0.38% to 29,233.29 at 1110hrs on fresh buying.