Rupee trims initial gains, still up 7 paise to 63.04 Vs USD

The rupee trimmed its early gains today, but was still trading higher by seven paise at 63.04 against the greenback on bouts of dollar selling by banks and exporters amid rallying equities.
The domestic unit resumed higher at 63.05 per dollar as against the yesterday's closing level of 63.11 at the Interbank Foreign Exchange market.
It gained to trade at 62.99, before quoting 63.04 per dollar in late morning deals.
The surging equities are lifting the rupee sentiment, though strong dollar overseas is capping the gains, a dealer said.
In New York market, the US dollar ruled firm against the its major rivals in early trade.

Meanwhile, the benchmark BSE Sensex was trading higher by 317.83 points or 1.17 per cent to 27,444.40 in late morning trade.