The rupee trimmed its initial gains against the American currency, but was still quoted higher by seven paise to 62.15 per dollar on selling of greenbacks by banks and exporters due to weakness of dollar overseas amidst firm equity market. The rupee resumed higher at 62.08 per dollar as against the last closing level of 62.22 per dollar at the Interbank Foreign Exchange (Forex) market and moved up further to 62.05 on selling of dollars by banks. However, it trimmed initial gains and was quoted at 62.15 per dollar at 10:45am. It hovered in a range of 62.05-62.17 per dollar during the late morning deals. In New York, the dollar fell against the British pound and Australian dollar on Tuesday after data supported growth in U.K. and Australia. Federal Reserve chairperson, Janet Yellen's prepared remarks stressed a continuation of the bank's approach to monetary policy, prompting an unsustained burst of strength in the dollar against the yen. Meanwhile, the Indian benchmark sensex rose by 134.97 points of 0.66% to 20,498.34 in the late morning trade.

Source