Rupee trims early gains against dollar, still up 13 paise

Forex dealers said a higher opening in the domestic equity market supported the rupee. File photo: S.R. Raghunathan

The Indian rupee trimmed its initial gains but was still quoted higher by 13 paise at 62.43 against the American currency on selling of dollars by banks amidst recovery in the equity market.

The rupee resumed higher at 62.40 per dollar as against the last closing level of 62.56 at the Interbank Foreign Exchange (Forex) Market and firmed up further to 62.36 on selling of greenbacks by banks and exporters.

However, the domestic unit trimmed its initial gains and was quoted at 62.43 on bouts of dollar demand. It hovered in a range of 62.36 and 62.47 per dollar during the late morning deals.

In New York, hard-hit emerging market currencies such as the South African rand took a breather, a day after the Federal Reserve decided to push ahead with its plan to reduce monetary stimulus.

Meanwhile, the Indian benchmark Sensex was quoted up by 43.30 points, or 0.21 per cent, to 20,541.55 at 1050 hrs.