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Rupee pares some early gains, up 4 paise against dollar

RUPEE

Mumbai: Rupee pared some of its early gains but was still trading up by 4 paise at 65.14 against the US currency in late morning deals on bouts of dollar selling by banks and exporters.

The rupee resumed higher at 65.11 per dollar as against yesterday’s level of 65.18 at the Interbank Foreign Exchange (Forex) market.

It gained further on sustained bouts dollar selling by exporters to 65.05 before quoting at 65.14 at 1035 hrs.

Overseas, the US dollar trading lower against basket currencies in early Asian trade, though commodity currencies turned defensive, following the retreat of global equity and commodity prices yesterday from early October’s sharp rally when disappointing Chinese data triggered profit-taking.

The dollar index currently trades down by 0.10 per cent at 94.67 as against a basket of six currencies.

Meanwhile, the benchmark BSE Sensex was trading marginally lower 12 points to 26,833.80 at 1050 hrs.