The rupee trimmed its early sharp gains to settle 8 paise higher at 70.06 against the US currency mainly due to dollar buying by importers in the last hour of trade. The dollar strengthened against major global currencies in a restricted trade which also weighed on the domestic currency.
The rupee opened on a strong note and soared 35 paise to 69.79 a dollar against the previous close of 70.14. The currency pared some of the gains in the fag-end to end at 70.06, showing a gain of 8 paise.