Rupee trims initial gains, still up 8 paise

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The rupee trimmed its initial gains but was still trading up by 8 paise to 64.36 against the US currency in late morning deals following bouts of dollar selling by some banks and exporters.

The rupee resumed higher by 9 paise to 64.35 per dollar as against last Friday’s closing level of 64.44 per dollar at the Interbank Foreign Exchange (Forex) Market.

The domestic unit hovered in a range of 64.37 and 64.30 during the morning deals before quoting at 64.36 per dollar at 1025 hrs.

The dollar index was trading up 0.04 per cent at 96.80 against basket of six currencies in the global market.

Overseas, the dollar nursed early losses today, coming close to a seven-month low against a currency basket plumbed after disappointing US employment data prompted investors to pare back their expectations of future US Federal Reserve rate hikes.

Meanwhile, the benchmark BSE Sensex was trading almost flat, up by 3.39 pts or 0.01 per cent at 31,276.68 at 1025 hrs.

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