Rupee trims initial gains, still up 7 paise

December 19, 2014 10:03 am | Updated 11:31 am IST - Mumbai

The rupee had gained 50 paise, the steepest single day gain in last seven months.

The rupee had gained 50 paise, the steepest single day gain in last seven months.

The rupee trimmed its early gains on Friday, but was still trading higher by seven paise at 63.04 against the greenback on bouts of dollar selling by banks and exporters amid rallying equities.

The domestic unit resumed higher at 63.05 per dollar as against Thursday’s closing level of 63.11 at the Interbank Foreign Exchange market.

It gained to trade at 62.99, before quoting 63.04 per dollar in late morning deals.

The surging equities are lifting the rupee sentiment, though strong dollar overseas is capping the gains, a dealer said.

In New York market, the U.S. dollar ruled firm against the its major rivals in early trade.

Meanwhile, the benchmark BSE Sensex was trading higher by 317.83 points or 1.17 per cent to 27,444.40 in late morning trade.

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