The rupee trimmed its early gains but was still trading a tad strong at 61.31 against the dollar at 4.05 p.m. local time due to mild dollar demand from importers amid firm equity market.
After opening strong by seven paise to 61.25 against the dollar at the Interbank Foreign Exchange market today on increased selling of the US currency by exporters and banks, the domestic unit hovered in the range of 61.25 and 61.35 in the afternoon trade.
According to forex dealers, the dollar’s weakness against other currencies overseas as investors await news from the US Federal Reserve about interest rate plans for the world’s largest economy and a firm domestic equity market supported the rupee.