Indian rupee up 7 paise Vs USD in late morning deals


The rupee pared its early gains to trade higher by 7 paise at 64.89 against the American currency in late morning deals on sustained bouts of dollar selling by banks and exporters amid higher domestic equities.

The rupee opened a tad higher at 64.95 per dollar as against yesterday’s closing level of 64.96 per dollar at the interbank forex market.

It gained further to 64.85 per dollar before quoting at 64.89 at 1020 hrs.

The domestic unit hovered between 64.95 and 64.85 during the morning deals

“Higher domestic equities and volatile dollar overseas supported the rupee, a dealer said.

The US dollar inched higher versus a basket of currencies in early Asian trade, but its near-term outlook was seen clouded by worries over possible delays to US President Donald Trump’s tax reform plans.

The BSE Sensex trading higher by 101.88 points, or 0.31 per cent, at 33,320.69 at 1035 hrs.