The Indian rupee trimmed initial gains against the American currency but was still quoted higher by 14 paise to 60.74 in late morning trade.

The rupee resumed higher at 60.48 as against the last weekend’s level of 60.88 at the Interbank Foreign Exchange (Forex) Market and firmed up further to 60.45 per dollar.

However, it failed to maintain initial gains and was quoted at 60.74 per dollar at 1040hrs.

It moved in a range of 60.45 per dollar and 60.75 per dollar during late morning deals.

The Reserve Bank on last Thursday announced fresh steps to drain cash from the financial system, as it stepped up efforts to stop the rupee’s decline against the dollar.

In the global market, the dollar rose against the Japanese yen in the early trade today with the greenback fighting off losses that arrived after Japanese economic growth figures came in weaker than projected.

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