Rupee trims initial gain against US dollar, still up 10 paise

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Rupee gains 16 paise against US dollar in early trade. (Reuters) Rupee gains 16 paise against US dollar in early trade. (Reuters)
SummaryRupee today strengthened by 16 paise, near four-month high.

The rupee trimmed initial gains against the US dollar this morning amid selling of the American currency by banks and exporters and capital inflows from foreign funds as well as a weak dollar in the overseas forex market.

The rupee opened higher at 52.96 per dollar as against the last closing level of 53.13 at the Interbank Foreign Exchange (Forex) Market and firmed up further to 52.90.

However, it trimmed initial gains and was quoted at 53.03 per dollar at 1040 hours. The rupee moved between 52.90 and 53.07 per dollar during the morning deals.

In New York market, the US dollar shed gains yesterday, as the euro regained.

Meanwhile in the stock market here, the BSE 30-stock index, Sensex, resumed trade higher at 19,737.77 and firmed up further to 19,767.25. Later, it declined to 19,692.91 before quoting at 19,710.86, up 51.04 points or 0.26 per cent.

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