Rupee steady after initial gains; trades at 60.18

Mumbai, July 1: The rupee trimmed its initial gains and was quoted steady at 60.18 per dollar on mild demand for the US currency from banks and importers.

The domestic unit opened higher at 60.10 per dollar as against the last closing level of 60.17 at the Interbank Foreign Exchange market on initial selling of the greenback by banks due to weakness of dollar in overseas market.

However, it trimmed its initial gains and dropped to 60.20 per dollar on demand for the American currency from importers and banks before quoting at 60.18 per dollar at 1000 hours.

It moved in a range of 60.10 and 60.20 per dollar during the morning trade. In New York market, the dollar posted second-quarter losses against nearly all major rivals yesterday, with the exception of the euro.

Meanwhile, crude oil prices rose in Asia today as dealers made the most of a weakening dollar while keeping an eye on continuing fighting in Iraq, analysts said. US benchmark West Texas Intermediate for August delivery rose 23 cents to USD 105.60 while Brent crude gained eight cents to USD 112.44 in late-morning trade. The Indian benchmark 30-share index Sensex rose further by 107.26 points, or 0.42 per cent, to 25,521.04 at 1000 hours.

PTI