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The rupee trimmed its early gains and was trading a tad weak at 62.86 against the dollar in the afternoon session due to mild dollar demand from importers and strong dollar against other currencies overseas.
The local currency rose seven paise to 62.78 against the US dollar in early trade at the Interbank Foreign Exchange market on sustained selling of the American currency by exporters.
It further gained to 62.71 before being quoted at 62.86 at 4.30 pm local time. The domestic unit hovered in the range of 62.71 and 63.10 in the afternoon trade.
The domestic currency had ended six paise higher at 62.85 against the greenback on dollar selling by banks after falling to over three-month low of 63.15 in yesterday’s trade.
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