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Rupee trims initial gains vs dollar, up 9 paise

PTI 22 Aug 2012, 15:47:40 IST
Mumbai, Aug 22: In restricted trading in view of bank strike, the rupee trimmed its early gains today but is being quoted higher by nine paise to 55.48 against the US currency in the late morning trade on selling of dollars from banks on the back of lower dollar in overseas market. 

The rupee resumed higher at 55.45 per dollar as against the last closing level of 55.57 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 55.40 per dollar and 55.53 per dollar before quoting at 55.48 per dollar at 1100 hours.

In New York, the US dollar lost ground yesterday, with the euro rising 1 per cent on growing optimism that the European Central Bank will take steps to bring down borrowing costs for indebted euro-zone nations such as Spain and Italy. 

Meanwhile, the BSE benchmark Sensex declined by 15 points, or 0.08 per cent, to 17,870.38 at 1100 hours.