Rupee trims early gains, still up by 14 paise vs USD

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Rupee trims early gains, still up by 14 paise vs USD: The rupee pared its early gains, but was still higher by 14 paise against the US dollar at Rs 62.14 in late morning trade on Friday on sustained bouts of dollar selling by banks and exporters.

The Indian currency resumed higher at 62.14 as against Thursday’s close of 62.31 at the Interbank Foreign Exchange market in Mumbai.Rupee trims early gains, still up by 14 paise vs USD

It further strengthened to Rs 62.05 on good bouts of dollar selling from banks before quoting at its opening level of 62.14 at 1100 hours.

The local currency hovered in a range of 62.17-62.05 per dollar during late morning trade.

In New York market, the US dollar was on the defensive against the basket currencies in early trade after soft US economic data halted its surge against peers such as the yen and euro while the market awaited further developments in Greek debt negotiations.

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