Rupee trims initial gains vs dollar, still up 9 paise

MUMBAI -Moving in line with equity market, the Indian rupee trimmed its initial gains against the green currency but was still quoted higher by nine paise to 62.48 per dollar on selling of the American unit by banks and exporters in view of dollar weakness overseas.

The rupee resumed higher at 62.40 per dollar as against the last closing level of 62.57 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 62.38 per dollar on initial selling of dollars by banks.

However, it trimmed its initial gains and was quoted at 62.48 per dollar at 1045hrs on some dollar demand from banks.