Rupee pares initial gains in late-morning deals

The Indian rupee had recovered by 9 paise to 64.93 on initial selling of dollars by banks

In this Tuesday, Nov. 8, 2016 photo, an Indian man sorts 1000 and 500 rupee Indian currency notes at a fuel pump in Ahmadabad, India. India's highest-denomination currency notes are being withdrawn immediately from circulation, the country's prime minister said Tuesday night, a surprise announcement designed to fight corruption and target people who have stashed away immense amounts of cash. As of midnight Tuesday, 500- and 1,000-rupee notes, worth about $7.50 and $15, will have no cash value, Prime Minister Narendra Modi said in a televised address. (AP Photo/Ajit Solanki)

The rupee pared its initial gains to trade lower by 2 paise at 65.04 against the US currency in late morning deals on bouts of dollar buying by banks and exporters.

The rupee opened higher by 7 paise at 64.95 as against yesterday’s level of 65.02 at the interbank forex market (Forex) market.

The Indian rupee had recovered by 9 paise to 64.93 on initial selling of dollars by banks.

The rupee had fallen 28 paise yesterday.

The Indian unit hovered between 64.93 and 65.04 per dollar during morning deals.

Meanwhile, the dollar index was trading steady at 93.51, extending its rebound from Friday’s over two-week low of 92.749. It rose as high as 93.729 last Tuesday.

The dollar held an upper hand against major rivals as investors weigh the possibility that U.S President Donald Trump will choose a more hawkish Federal Reserve chief than the current chair, Janet Yellen.

The BSE Sensex was trading lower by 109.56 points, or 0.34 per cent, at 32,499.60 at 1025hrs.