Rupee trims initial gains, up 2 paise against dollar

In line with the equity market, rupee trimmed its initial gains, but was still quoted higher by 2 paise at 64.15 against the US dollar on uneven demand and supply transactions.

The rupee resumed lower at 64.20 per dollar against the yesterday's closing level of 64.17 at the Interbank Foreign Exchange (Forex) Market, but immediately recovered to 64.05 on the back of firm equity market.

However, it failed to maintain its gains and was quoted at 64.15 per dollar due to sudden fall in the equity market.

It hovered in a range of 64.05 and 64.2175 during the morning trade. The benchmark BSE Sensex was trading around 40 points down after opening higher by around 350 points on heavy selling at 1100 hrs, mainly on profit-booking.

In New York, the dollar traded lower against most of its rivals yesterday after two sessions of marginal gains, as US treasury yields turned lower and a Greek debt payment to the IMF supported the euro.