Rupee trims its early gains vs dollar, still up by 13 paise

Selling of the US unit by banks and exporters on the back of lower dollar overseas affected the currency

The rupee trimmed its early gains against the American currency and was quoted higher by 13 paise at 62.07 per dollar on selling of the US unit by banks and exporters on the back of lower dollar overseas.

Good foreign capital inflows into the equity market also impacted the rupee value against the dollar, a forex dealer said.

The rupee resumed higher at 62.06 per dollar as against the yesterday's closing level of 62.20 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 62.01 per dollar on initial selling of dollars.

However, it trimmed its early gains and was quoted at 62.07 per dollar at 1100hrs.

The domestic currency moved in a range of 62.01-62.08 per dollar during the morning trade.

In the New York market, the dollar inched lower against the yen and euro after Federal Reserve Chairwoman Janet Yellen suggested the central bank's first rate hike since 2006 may not occur until the second half of the year.

Meanwhile, the Indian benchmark sensex was quoted higher by 180.57 points or 0.62% to 29,185.23 at 1100hrs.