Indian rupee trims initial gains vs US dollar, still up 10 paise

Written by PTI | Mumbai | Updated: Nov 29 2013, 21:20pm hrs
Rupee to dollarThe Indian rupee had lost 27 paise to close at 62.41 yesterday. Reuters
The Indian rupee trimmed its initial gains but was quoted still higher by 10 paise to 62.31 against the US dollar on fresh selling of American currency by exporters and banks in view of strong equity market.

The Indian rupee resumed higher at 62.30 per US dollar as against the last closing level of 62.41 at the Interbank Foreign Exchange Market and firmed up further to 62.20 a dollar.

However, it trimmed its initial gains and was quoted at 62.31 per US dollar at 1045 hrs.

It hovered in a range of 62.20-62.35 per dollar during the morning deals.

Banks and exporters preferred to reduce their dollar position on hopes of more foreign capital inflows in view of rising equity market.

Meanwhile, the benchmark BSE Sensex rose by 263.86 points, or 1.28 per cent, to 20,798.77 at 1045 hrs.

Quotes: Markets Top Gainers, Markets Top Losers

Crude Oil was flat in thin Asian trade today after the Thanksgiving holiday in the United States, with investors increasingly concerned over growing US crude stockpiles, analysts said.