Rupee trims initial gains, still up by 8 paise

The Indian rupee trimmed its initial gains against the American currency, but was still quoted higher by 8 paise to 62.41 per dollar on selling of the US unit by banks amidst firm dollar overseas.

The rupee resumed higher at 62.42 as against the last closing level of 62.53 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 62.36-62.47 per dollar before quoting at 62.41.

In New York, the U.S. dollar rebounded against the yen on Tuesday while the Australian dollar jumped after Australia’s central bank indicated it’s no longer leaning toward cutting interest rates.

Meanwhile, the Indian benchmark index Sensex was quoted lower by 69.29 points of 0.34 per cent to 20,142.64 at 10 45 am.