Rupee trims initial gains vs dollar, trades at 61.02

Moving in line with equity market, the rupee trimmed its initial gains against the dollar, but was quoted still higher by 8 paise to 61.02 on mild selling of the US currency by banks and exporters.
The rupee opened higher at 60.94 per dollar as against the last closing level of 61.10 at the Interbank Foreign Exchange market on initial selling of dollars by banks.
However, it trimmed its initial gains and was quoted at 61.02 per dollar at 1000 hours on some dollar demand from banks and importers.
It moved in a range of 60.94 and 61.03 per dollar during the morning trade.

In New York market, the dollar continued to weaken against its rivals yesterday on a day devoid of major data releases out of Europe and the US.
Meanwhile, the benchmark Sensex moved up by 46.64 points or 0.17 per cent to 26,428.71 at 1000 hours.