Rupee trims initial gains, still up by 4 paise vs USD

Mumbai, The rupee trimmed its initial gains but was still quoting up by 4 paise to 66.95 against the American currency in late morning deals on bouts of dollar selling by exporters amid gains in equities after the approval for passage of GST in the Rajya Sabha yesterday.

The rupee opened higher at 66.85 per dollar from yesterday's closing level of 66.99 at the Inter-bank Foreign Exchange (Forex) market.

The domestic unit hovered in a range of 67.00 and 66.84 in the morning deals before quoting up at 66.95 at 1030 hrs. Meanwhile, the dollar index was trading down 0.0010 per cent at 95.55 against a basket of six currencies in early trade.

Overseas, the US dollar was higher against basket currencies in early Asian trade on the back of a stronger-than -expected US employment data, while sterling remained in a tight range ahead of the Bank of England's expected interest rate cut later in the session.

Meanwhile, the benchmark BSE Sensex was trading up by 79.37 points, or 0.29 per cent, to 27,776.88 at 1050 hrs.