Indian rupee trims initial gains against US dollar

Jul 10 2014, 11:09 IST
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The rupee strengthened by 12 paise to 59.63 against the US dollar in early trade today. (Reuters) The rupee strengthened by 12 paise to 59.63 against the US dollar in early trade today. (Reuters)
SummaryForex dealers said that strength in other currencies against the American unit overseas also supported the rupee.

The Indian rupee trimmed its initial gains against the American currency but was still trading up by 2 paise to 59.73 in late morning deals on bouts of dollar selling from exporters.

Earlier, the Indian rupee resumed higher at 59.63 per dollar as against the last closing level of 59.75 at the Interbank Foreign Exchange market.

It pared the gains to trade at 59.73 per dollar in late morning deals.

The local currency moved in a range of 59.73 and 59.57 per dollar.

In New York, the US Dollar reversed earlier gains against most major rivals, with the exception of the yen, in the wake of minutes from the latest Federal Reserve meeting that showed it would end its asset-purchasing programme in October.

Meanwhile, the benchmark 30-share index Sensex was trading higher by 61.66 points, or 0.24 per cent, to 25,506.12 at 1030 hours.

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