Rupee trims initial gains, still up 6 paise

Mumbai, Feb 25 -The rupee trimmed its initial gains against the US dollar but was quoted still higher by 6 paise to 62.01 on selling of the US currency by banks amid sustained foreign capital inflows.

 

The rupee resumed higher at 61.95 per dollar as against the last closing level of 62.07 at the Interbank Foreign Exchange market.

 

However, it trimmed its initial gains against the dollar on month-end dollar demand from importers, mainly oil refiners, to quote at 62.01 per dollar at 10.45am.

 

The rupee moved in the range of 61.95-62.04 per dollar during the late morning deals.

 

In New York, the US currency fell against the Australian dollar and British pound on Monday as investors continued to weigh the potential weather drag on recent economic data, and whether or not it could sway monetary policy.

 

Source: TOI