Rupee up by 7 paise to 61.87 vs US dollar in morning deals

The rupee trimmed its initial gains but was still trading up by 7 paise to 61.87 against the American currency in late morning deals today on bouts of dollar selling by banks and exporters.
The Indian unit resumed slightly higher at 61.93 per dollar as against the yesterday's closing level of 61.94 at Interbank Foreign Exchange market.
Later, it appreciated on fresh bouts of dollar selling from banks to 61.82 before losing some of its gains to quote at 62.87 per dollar at 1030 hours.
'Fresh dollar selling from banks and higher equities supported the rupee sentiment', dealers said.
The rupee hovered in a range of 61.93 and 61.82 per dollar in the morning trade.

In the New York market, the US dollar was little changed against it major rivals in early trade as its recent rapid ascent on the yen attracted profit taking, though the market mood remains bullish on the currency given the outperformance of the US economy.
Meanwhile, the benchmark BSE Sensex was trading higher by 167.08 points, or 0.60 per cent, to 28,234.64 at 1050 hours.