Mumbai, Feb 4: In line with the equity market, the rupee trimmed its initial gains against the American currency, but was quoted higher by 27 paise to quote at 67.80 on mild selling of dollars by banks and exporters.
The rupee resumed higher at 67.85 per dollar as against Wednesday closing level of 68.07 at the Interbank Foreign Exchange (Forex) market and moved up further to 67.76 on heavy selling of dollars by banks on the back of lower dollar in the overseas market.
However, it trimmed the initial gains and moved down to 67.86 before quoting at 67.80 at 1100 hours, still showing a gain of 27 paise or 0.40 per cent.
It hovered in a range of 67.76 and 67.86 during the morning trade.
In the global market, the dollar logged its largest one-day drop versus the euro since early December, after a disappointing reading on US service-sector activity was seen putting Federal Reserve interest-rate increase on hold.
The BSE benchmark Sensex failed to maintain initial gains but was quoted still higher by 142.71 points or 0.59 per cent at 1100 hrs.
Meanwhile, Foreign portfolio investors (FPIs) sold shares worth Rs 357.13 crores yesterday, as per provisional data released by stock exchanges.
